Every business can claim deduction of payments made to the vendors on accrual basis. This means that business can claim deduction of payments to vendors which are not paid in actual but are due for payments as on the last date of the financial year and/or even until filing the return of income. Continue Reading
Advance tax is the amount of income tax that is paid much in advance rather than a lump-sum payment at the year-end. Also known as, earn tax.Advance tax is to be paid in instalments as per the due dates decided by the income tax department.
Have you been thinking of buying an electric vehicle lately? In addition to compensate the rising fuel prices, purchasing an electric vehicle shall also give you a tax benefit under income tax.