Archives: Countly Learning
Corporate Tax Planning
Corporate tax planning is an integral element of managing funds for the businesses. This planning is about handling the company’s financial operations to pay the bare minimum of tax possible while still complying with rules and regulations. Businesses employ this type of planning for the aim of boosting profits and steering clear of any concerns […]
Transfer Pricing in India
Transfer pricing—sounds complicated, doesn’t it? But here’s the thing: it’s a big deal, especially for businesses running across borders. It’s all about how companies set prices for transactions between their own departments, subsidiaries, or related entities. If you’re in India and have a business that deals with other countries, understanding transfer pricing is non-negotiable. Get […]
Tax Compliance in India
Tax compliance is a necessity for any company irrespective of its size. Ignoring the compliance can lead to penalties, fines, and potentially some serious legal repercussions. Tax compliance is not all about dodging problems with the law but also creating a reliable business, sustaining smooth operations, and strengthening market position. What is Tax Compliance? Tax […]
Tax Avoidance Vs. Tax Evasion
Taxes. Everyone pays them, but not everyone plays by the same rules. There’s a fine line between two terms that are often used interchangeably – tax evasion and tax avoidance. They may sound similar, but the consequences are worlds apart. Tax Evasion Tax evasion is an unlawful way to decrease tax obligations with the assistance […]
Sales Tax
Sales tax in India has evolved significantly over the years. From being a state-specific levy to the introduction of the Goods and Services Tax (GST), India’s sales tax system has undergone various changes, with the goal of simplifying and standardizing taxation across the country. What is Sales Tax? Sales tax is a kind of tax […]
Resource Allocation
What is resource allocation? Resource allocation is the procedure of distributing and handling in a way that assists an organization’s strategic roadmap goals. In order to maximize the utilization of softer assets like human capital, resource allocation involves managing physical assets like hardware. Allocating resources entails juggling conflicting demands and priorities and choosing the best […]
Pricing for Inter-Department Transfers
Alright, let’s get straight to it: pricing for inter-department transfers is a BIG deal in any company, whether you’re dealing with sales, marketing, or IT. We all know about the price tags we slap on products for customers, but what about when departments within the same company exchange goods or services? That’s where the internal […]
Indirect Expenses
Several costs are associated with running any business. These costs are divided into direct and indirect expenses. Direct costs are related to the manufacturing of products and delivering a service, while, on the other hand, indirect costs do not have any impact on production on a direct basis, but these are essential for a business […]
How to Prepare for Tax Returns
Tax season can be a trying time for both people and businesses. Good planning can make things easier and help prevent mistakes that could result in penalties. Filing tax forms is required by law, and knowing the details of tax filing can help people follow the rules and make the most of discounts and credits. […]
Understanding Deferred Tax under Ind AS 12
In the field of financial reporting, deferred tax plays an integral part in assisting businesses to coordinate with tax liabilities with accounting income. Ind AS 12 – Income Taxes offers assistance on identifying, calculating, and showing deferred tax assets and liabilities in financial statements. Deferred tax occurs because of the temporary differences between the carrying […]
Understanding Current Tax under Ind AS 12
Income tax is an essential portion of financial reporting, affecting the net profits of businesses and shaping the purposeful financial planning. Ind AS 12 – Income Taxes sets up the criteria for identifying and measuring and demonstrates income tax in financial statements. A part of the major component of Ind AS 12 is current tax, […]
Types of Taxes in India
Taxes. They’re everywhere. From the smallest purchases to the highest incomes, taxes are part of the deal. In India, the tax system is huge, complicated, and covers everything from your daily cup of chai to the profits of the biggest companies. If you’re studying commerce or aiming to become a Chartered Accountant, understanding taxes isn’t […]
Types of Branch Accounting
Branch accounting is a system that helps businesses manage the financial records of multiple branches. Whether a business has one branch or 50, branch accounting ensures that each location’s financial activities are tracked and reported separately. It’s vital for businesses with various branches to understand how to set up their accounts, because it affects decision-making, […]
Translation of Foreign Branch Accounts
Businesses don’t stay local anymore. They’re everywhere—across countries, time zones, and currencies. If you’re running a business with branches in different countries, you need to make sure all those foreign accounts make sense in the parent company’s financial world. That’s where translating foreign branch accounts comes in. Without it? Your books would be a chaotic […]
Tax Accounting
Tax accounting plays a crucial role in managing financial compliance and reporting, ensuring businesses and individuals adhere to national tax regulations. In India, the Income Computation & Disclosure Standards (ICDS) are outlined under the Income Tax Law to streamline income reporting and taxation. For the fiscal year 2024-25, India’s total income tax collection is as […]