Category: Finance and Accounting
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New TDS & TCS Rules for 2025 – Salary, Rent, Freelancers & E-Commerce
India’s Budget 2025 has brought significant changes to the TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) framework, effective from April 1, 2025. These revisions aim to simplify compliance, reduce tax deducted upfront, and ease the burden for individuals, freelancers, landlords, and e-commerce participants. 1. TDS on Salaries TDS on salary continues…
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Top 5 Online Certifications for Accounting Professionals in 2025
Accounting has always been the backbone of business. From maintaining books of accounts to preparing financial statements and ensuring compliance, accountants play a crucial role in every organization. But in 2025, the profession is no longer limited to tallying numbers – it’s about financial analysis, technology integration, and business decision-making. With businesses going digital, accounting…
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Step-by-Step Guide to Multi-Currency in TallyPrime (Export, Import & Forex Gain/Loss)
🌍 Multi-Currency Transactions in TallyPrime 🔹 Step 1: Enable Multi-Currency Feature 🔹 Step 2: Create Currencies Repeat for other currencies (Euro, Pound, etc.). 🔹 Step 3: Create Ledger Accounts 🔹 Step 4: Record Multi-Currency Sales Voucher (Example 1: Export Sales) Scenario: 👉 You sold goods worth $1,000 to ABC Inc. (USA).👉 Exchange Rate: 1 USD…
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ITR-4 Filing Guide AY 2025-26 – Presumptive Taxation (44AD, 44ADA, 44AE) with Examples
1. What is ITR-4? ITR-4 is for individuals, HUFs, and partnership firms (other than LLPs) who opt for presumptive taxation under: 👉 This return is commonly called Sugam ITR and is designed for small taxpayers. 2. Who Can File ITR-4? ✅ Resident Individual / HUF / Partnership firm (not LLP)✅ Business turnover up to ₹2…
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India’s Banking Sector Opens Up to Foreign Investors: What It Means for Finance & Economy
India’s banking industry has long been a fortress, heavily regulated and largely protected from foreign players. But recent policy signals suggest a gradual opening to foreign investors. This shift could transform India’s financial sector — if handled wisely. Why Is India Opening Up Its Banking Sector? Recent Developments & Real Examples Potential Impacts 1. On…
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ITR Filing in India: How is Interest Earned on a Joint Account Taxed?
When it comes to income tax filing, one area that often creates confusion is interest earned on joint bank accounts. Many families in India open joint accounts for convenience, but the question arises — who pays the tax on the interest earned? Let’s break this down as per current Indian tax rules. 1. Who is…
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Income Tax Rules 2025: New ₹4 Lakh & ₹8 Lakh Limits on Perks – How They Boost Your Take-Home Salary
Income Tax Rules Revised: New ₹4 Lakh & ₹8 Lakh Thresholds for Employee Perks The government has recently revised the income tax rules, bringing much-needed relief to salaried taxpayers. Two key thresholds have been significantly increased—one for classification of “specified employees” in relation to non-monetary perks, and the other for exemption on overseas medical treatment…
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Pradhan Mantri Viksit Bharat Rozgar Yojana 2025 – Full Details, Eligibility, Benefits & Examples
Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY) – Complete Guide India has been striving to expand job opportunities, formalize employment, and boost industries. To address this, the Government of India has launched the Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY), a landmark scheme that combines support for job seekers and employers under one program. With…
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8th Pay Commission: Latest Updates, Salary Hike Expectations, and Implementation Timeline
The 8th Pay Commission has become one of the most anticipated developments for over 1.1 crore central government employees and pensioners in India. Employees are eager to know how much salary hike they can expect, when the recommendations will be implemented, and what other benefits may come along. Let’s dive into the latest updates and…
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August 2025 Tax Update: ₹12 Lakh Slab Benefit, New Rules on Deductions, and Compliance Changes Explained
Latest Tax Updates in India – 2025: A Detailed Guide for Individuals and Businesses India’s tax landscape has undergone some of its most significant changes in years. With the Union Budget 2025 introducing bold reforms and the new Income Tax Bill 2025 aiming to simplify the law from April 2026, taxpayers — whether salaried individuals,…
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ITR-2 Filing Guide for FY 2025-26: Step-by-Step Process, 26AS/AIS Reconciliation, and Old vs New Regime Tax Examples
1) What is ITR-2 and who should file it ITR-2 is meant for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession but have any of the following: If your only income is salary/pension, one house property, and total income ≤ ₹50 lakh, you may be eligible for ITR-1…
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100 Voucher Entry Examples for Service-Based Companies in Tally
In a service-based company, day-to-day financial activities—like receiving payments, paying expenses, and adjusting accounts—are recorded using vouchers in Tally.ERP 9 or TallyPrime.Voucher entries ensure that every business transaction is documented properly for accounting accuracy, GST compliance, and financial reporting. There are several types of vouchers in Tally, including: Below is a comprehensive list of 100…