What is Goods and Services Tax (GST)?
Goods and Services Tax (GST) is a broad indirect tax charged on the supply of goods and services. It was brought in to provide a simplified taxation system by consolidating various indirect taxes, including excise duty, service tax, and value-added tax (VAT), into a unified tax regime. GST is aimed at facilitating transparency, curbing tax […]
5 Legit Expenses That Reduce Tax in Books of Accounts
Tax planning is an important part of financial management for companies and individuals. One of the best means of minimisng tax burdens legally is claiming valid business expenses in books of accounts. These expenses reduce taxable income without contravening tax laws. Documenting such expenses and complying with tax rules is important to avoid legal consequences […]
What is Securities Transaction Tax (STT)?
STT can be defined as a tax imposed on the purchase and sale of securities in the financial markets. Its primary role is to regulate and monitor securities transactions, ensuring transparency and compliance. The scope of STT encompasses various types of transactions, including equity, derivatives, and mutual funds. Its applicability may vary across different financial […]
Differences between management and tax accounting
Financial accounting and reporting are only part of the broad field of accounting. Other significant kinds of accounting include management accounting and tax accounting. While both are essential in providing financial information, there are some key differences between management accounting and tax accounting Management Accounting Management accounting is internal accounting designed to meet the information […]
What is the Meaning of the Ad Valorem?
Ad valorem is a Latin phrase meaning “according to value.” In essence, it is used to describe a tax levied based on the value of the item being taxed. It is commonly used in finance and taxation to refer to a tax or assessment that is based on the value of a particular item or […]