Latest Articles By Nitin Bansal

Issuing TDS certificates is a key compliance obligation for deductors. These certificates validate that tax has been deducted and provide proof to deductees (recipients). Non-compliance can lead to serious penalties and complicate tax filings. With the 2025 updates to TDS rules and certificate issuance norms, understanding the impact of non-compliance is more important than ever.

Reimbursements are a common part of business transactions covering travel, logistics, professional services, or employee expenses. But whether TDS on reimbursement of expenses applies often confuses taxpayers. The key lies in understanding the nature of reimbursement , whether it’s a pure pass-through cost or part of a taxable service. This article explains the rules, sections, and… Read more

Tax collection is the primary source of revenue for most governments. It enables them to spend on the development of the economy and thus improve the living conditions of the taxpayers. In 2017 the administration implemented the Goods and Services Tax to replace all indirect taxes that both the Centre and the states had applied to… Read more

GST (Goods and Services Tax) and income tax are two key components of the tax system, but they serve different purposes. GST is an indirect tax on the sale of goods and services based on product or service consumption. It replaces other indirect taxes and aims to streamline the tax process. Income tax, on the other… Read more

The Goods and Services Tax (GST) Composition Scheme is a special tax payment option designed to ease the burden on small businesses in India. Its purpose is to reduce complexity and lower compliance costs. Let’s learn more about it in depth.

GST is a significant tax system introduced in India to simplify the indirect tax system. However, filing GST returns can be daunting for taxpayers, requiring them to comply with various rules and regulations. Any mistake made while filing GST returns can result in penalties and interest, leading to an unnecessary financial burden. Therefore, taxpayers must be… Read more

With the introduction of the GST act in 2017, all businesses must comply with all the provisions of these acts. BUSY Accounting Software helps you create invoices that work on an intuitive dashboard that allows you to create GST-compliant invoices conveniently.

Before entering into any type of agreement, contract or transaction, you must exercise extreme caution. Doing your due diligence means that you should thoroughly investigate and evaluate any potential business opportunity. Investors typically practise due diligence before investing in any business.

The Goods and Services Tax (GST) framework in India requires every Input Service Distributor (ISD) to file their monthly GSTR-6 form as part of the mandatory process. Input Service Distributors function as central units with primary headquarters of businesses that obtain input services to distribute Input Tax Credit (ITC) to their associated units following GST rules.… Read more

Under the Goods and Services Tax (GST) system, businesses are generally allowed to claim input tax credit under GST on purchases made for business use. However, not all inputs qualify. The Central Goods and Services Tax (CGST) Act outlines situations where certain credits are disallowed, and this is what we refer to as blocked credit in… Read more

The goods in transit should be attended to with relevant documents, without which they will be detained and confiscated.

Understanding Time, Place, and Value of Supply is essential for businesses registered under the Goods and Services Tax (GST) regime in India. These concepts determine the time when a transaction is considered to have taken place, the place where it is deemed to have occurred, and the value on which tax is levied. Comprehending these aspects… Read more

Under the GST system in India, the valuation of supply is an essential aspect that assesses the amount of tax payable by businesses. The concept of a pure agent is an important consideration in the valuation of supply under GST, especially for those engaged in providing services. The provisions for this have been referred to in… Read more

GSTR-8 is a return form that must be filed by every e-commerce operator who collects TCS under GST. The form contains details of outward supplies made through the operator’s platform and the amount of TCS collected. The information submitted in GSTR-8 is critical for suppliers to claim their TCS credit in their respective GST returns.

GSTR-10 is a Final Return that needs to be filed by a taxpayer whose GST registration has been cancelled or surrendered. The primary purpose of this form is to provide the government with a consolidated record of input stocks and capital goods held by the taxpayer at the time of registration cancellation. Unlike GSTR-1 or GSTR-3B… Read more

Every business owns assets, whether physical or intangible, that help generate income. However, there are times when the value of these assets falls significantly due to changes in the market, technology, or usage. This decrease in value is referred to as the impairment of assets. Understanding asset impairment meaning is crucial for transparent financial reporting and… Read more

In business and accounting, liabilities are just as important as assets. While assets represent what a company owns, liabilities represent what it owes. Understanding liabilities meaning helps individuals and businesses manage their finances better, ensure compliance, and make informed decisions.

Financial ratios are a great way to measure how well a business is doing. They turn balance sheet and income statement figures into clear performance indicators. Let’s explore what these ratios are, why they’re helpful, and how to use them, even with a calculator, without any heavy jargon.

Knowing the difference between current vs non-current assets is key to understanding your business’s balance sheet. Let’s break down what belongs in each category, why it matters, and how to spot them correctly, without the accounting jargon.

Every business carries stock, but not all items are equally important. This is where ABC inventory analysis comes in. It helps you sort inventory into three groups, A, B, and C, so you can focus more on what matters most. This method helps reduce costs in operations management while making sure key items are never out… Read more

The Statement of Changes in Equity is a financial report that shows how a company’s equity (ownership value) changes over time. It highlights how profits, investments, dividends, and other items impact owner or shareholder equity. It helps connect the beginning equity balance to the ending one.

A general ledger is a company’s main financial record. It groups all transactions by account, like cash, sales, rent, or loans, and shows how money moves in and out. Think of it as the backbone of your financial picture.

TDS is deducted on interest earned from fixed deposits, recurring deposits, or other term deposits when the interest exceeds ₹40,000 in a financial year (₹50,000 for senior citizens). This means that even if your total annual income is below the taxable limit, you might still face TDS cuts if you don’t submit the right forms in… Read more

Sand is a critical raw material used in construction, plastering, and infrastructure development. With the implementation of the Goods and Services Tax (GST), sand suppliers, construction businesses, and buyers must understand how gst on sand is applied across different categories and uses.

Pens are essential tools used by students, professionals, and artists alike. Whether you’re buying a simple ballpoint pen or a luxury fountain pen, understanding how gst on pen works can help you make more informed purchases and ensure compliance in business.

Watches are more than just timekeepers—they’re a fashion statement, a productivity tool, and sometimes even a health tracker. Whether you’re buying a luxury watch, a Titan model, or a smartwatch, understanding GST on watches helps you know exactly what you’re paying for.

With the rise of app-based platforms and local travel agencies, cab services have become more accessible than ever. But whether you’re booking a ride through Uber or hiring a cab for an outstation trip, GST is likely part of your bill. This guide explains the gst on cab service , the tax structure for aggregators and… Read more

With businesses rapidly shifting to online platforms, digital marketing services have become essential for brand visibility and growth. Whether it’s social media advertising, SEO, influencer marketing, or email campaigns, these services fall under the GST regime in India. In this blog, we’ll explain the GST on digital marketing services, applicable tax rates, SAC codes , and… Read more

FMCG—Fast-Moving Consumer Goods—include essential items like toothpaste, soap, snacks, soft drinks, packaged foods, and detergents. These products are bought frequently and in large quantities across households in India. But what does GST mean for the FMCG industry? In this blog, we simplify the GST for FMCG products , exploring current tax rates and the broader impact… Read more

Cement is a key ingredient in construction—whether you’re building a home, a commercial complex, or infrastructure. With the implementation of the Goods and Services Tax (GST), the tax structure for cement has been streamlined, but it remains one of the highest-taxed items. In this blog, we’ll break down the GST rate on cement, relevant HSN codes,… Read more

Water bottles are used by nearly everyone—students, office-goers, travelers, and homemakers. Whether you’re buying a single-use bottle or a durable stainless-steel one, it’s important to understand the gst on water bottle . This blog explains how water bottles are taxed under the GST system in India, based on their material and usage.

The Information Technology (IT) sector is the backbone of modern India, covering everything from software development to cloud hosting and tech support. But how does GST (Goods and Services Tax) apply to these services? In this blog, we’ll explain the GST rate for IT services in India , what qualifies as an IT service, and how… Read more

Meat is a staple in many Indian households—be it chicken, mutton, or seafood. But is meat taxable under GST? The answer depends on how the meat is processed and packaged. In this blog, we’ll explore the gst on meat in India , breaking it down into fresh, frozen, and processed categories so you understand exactly when… Read more

Agarbatti, or incense sticks, hold a special place in Indian homes, temples, and ceremonies. They’re not just religious items but also used for meditation, aromatherapy, and gifting. But how are these fragrant products taxed under GST (Goods and Services Tax) ? Let’s explore the agarbatti gst rate , how it has changed, and what it means… Read more

Whether you’re building a custom PC, replacing a laptop battery, or upgrading your office setup, you’ll come across multiple computer components. But how are these items taxed under GST ? Let’s break down the gst for computer parts , including accessories, and explain what buyers, sellers, and service providers need to know.

From weddings and corporate events to birthday parties and festivals, outdoor catering plays a major role in Indian celebrations. But do these services attract GST? If so, how much? This blog simplifies the outdoor catering services GST rate , when it applies, and how it differs from indoor dining or restaurant services.

Diapers are no longer just baby products—they’re also crucial for senior care and medical needs. Whether you’re a parent, caregiver, or seller, knowing how much GST you pay on diapers is important for budgeting and compliance. In this guide, we’ll break down the diaper gst rate , explore how it applies to both baby and adult… Read more

Accurate TDS (Tax Deducted at Source) calculation is essential to stay compliant with Indian income tax laws and avoid penalties. A TDS calculator is an online or software-based tool that helps both individuals and businesses quickly compute the correct TDS amount to be deducted from various payments such as salaries, rent, professional fees, and interest.

Accurate TDS (Tax Deducted at Source) calculation is critical to avoid tax disputes, penalties, and mismatched credits in Form 26AS. While TDS calculators are convenient, their results must align with official computations prescribed by the Income Tax Department. Here’s a detailed guide to help you match calculator results with government standards.

Understanding basic accounting terminology and principles is essential for anyone who manages money, runs a business, or wants to make informed financial decisions. Accounting is the language of business—it records, summarizes, and communicates financial information so that owners, investors, and stakeholders can track performance and plan for the future.

Selling property in India can bring significant profits, but it also attracts capital gains tax. Understanding how capital gains tax on property works, along with other aspects of real estate taxation, helps homeowners and investors plan transactions smartly and legally reduce their tax burden.

Payroll is one of the largest and most recurring expenses for any business. Accurately forecasting payroll expenses and managing labor costs are critical to maintaining profitability, ensuring timely payments, and staying compliant with tax and labor regulations. By using payroll forecasting and effective labor cost management, organizations can anticipate future spending and make informed financial decisions.

Businesses often treat payroll processing and employee compensation planning as the same function, but they serve very different purposes. Understanding the distinction helps organizations pay employees accurately while also motivating and retaining talent.

Modern businesses increasingly rely on technology to streamline their finances. Two of the most significant innovations, cloud accounting and embedded finance , are reshaping how companies record transactions, access data, and even deliver financial services to customers. Together, they create a powerful ecosystem for accurate reporting, real-time decision-making, and better customer experiences.