LearningCat: Tax Accounting
Double Taxation Avoidance Agreement (DTAA)
Taxing the same income or concern frequently for the similar motive, over the similar time span, and in the same taxing authority is called double taxation. When this type of income is taxed in two distinct countries, the total tax liability will make up a significant portion of aggregate income. Everyone has to work to […]
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 […]
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 […]
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 […]
Difference Between Taxable Income & Accounting Income
Taxable income and accounting income are both essential for any business that aligns with taxes, but they are used for distinct aims and comply with a separate set of regulations. One is related to tax liabilities, and the other is aligned with the financial health of the business. What is Accounting Income? Accounting income can […]