The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government.
Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency. Through tax planning, all elements of the financial plan work together in the most tax-efficient manner possible. Tax planning is an essential part of a financial plan.
A tax return is documentation filed with a taxing authority that reports income, expenses, and other relevant financial information. On tax returns, taxpayers calculate their tax liability, schedule tax payments, or request refunds for the over-payment of taxes. In most places, tax returns must be filed annually.
Accounting is the language of finance. It conveys the financial position of the firm or business to anyone who wants to know. It helps to translate the workings of a firm into tangible reports that can be compared. So it is essential that we know the meaning of accounting. Let us get started.
A startup or startup is a company or project initiated by an entrepreneur to seek, effectively develop, and validate a scalable business model. While entrepreneurship refers to all new businesses, including self-employment and businesses that never intend to grow big or become registered.
A mortgage loan or, simply, mortgage is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property.
Four/Two wheeler insurance refers to an insurance policy that is taken to cover your bike / scooter / car against any damages caused to a two wheeler and/or its riders arising due to some unforeseen event such as road accidents, natural disaster or theft / loss of motor vehicle.
Life Insurance is a contract in which the Insurance Company agrees to pay the insured person's nominee a fixed amount if the insured person dies. Here, the coverage is against the risk of death. Hence, your nominee receives the payment. Generally has a longer term
A Limited Liability Partnership or LLP is an alternative corporate business form which offers the benefits of limited liability to the partners at low compliance costs. It also allows the partners to organize their internal structure like a traditional partnership. A limited liability partnership is a legal entity.
Calling all business managers, controllers and operations managers. ... The objective of the expense reduction consultant is to uncover costs associated with doing business that can be reduced or eliminated while still maintaining the efficiency of the business in terms of operations, customer service and profitability.
Investment planning is the process of matching your financial goals and objectives with your financial resources. Investment planning is a core component of financial planning. It is impossible to have one without the other. Investment planning is a process that begins when you are clear on your financial goals and objectives.
Payroll Management is the administration of the financial record of employees' salaries, wages, bonuses, net pay, and deductions. An employer, regardless of the number of workers they employ, must maintain all records pertaining to payroll taxes (income tax withholding, Social Security and federal unemployment tax).