If you’re a tax professional or an accounting major who plans to work as a tax accountant after graduation, you probably already know that taxes are a cornerstone of your career. However, if you’re like most people, taxes might not be your favorite subject.
Tax can be confusing because there are lots of different rules and regulations that make it even harder to understand. If you’re just starting out on your tax career path, this guide will help you get started by breaking down the basics of tax laws. This guide will help you learn about the different types of taxes that exist, how they work and when they might apply to you. You’ll also learn what the IRS is and how it works with other agencies to enforce tax laws.
TDS is the concept of tax deduction at source. It was introduced in order to collect tax from the very source of income for which it is levied. As per this concept, a person (deductor) who is liable to make a payment of specified nature to any other person (deducted) shall deduct tax at source and remit the same into the account of the Central Government.
TCS is a system used by vendors who do business with the government. TCS provides an additional source of tax revenue for the Government, making it easier for the government to collect taxes from all accounts, regardless of their location, who are not eligible for CPT s.
A tax that the government imposes on service suppliers on certain service transactions is known as a
service tax. It is actually borne by the customer, who also pays it when he or she uses a service.
Service tax forms part of the indirect tax regime and is collected in accordance with prescribed rates to
finance various government operations including defense, healthcare, transport, and infrastructure
GST is an indirect tax, which can also be referred to as a national sales tax. The Goods and Services Tax (GST) regime has been enacted in India to replace the taxes currently charged on the sale or purchase of goods or services by way of Value Added Tax (VAT), Sales Tax, and Service Tax. A single tax on the provision of goods and services is known as the GST. It subsumes all indirect taxes, including central excise duty, countervailing duties, service tax, and state-level value- added tax/sales tax.
A GST return is a document that will contain all the details of your sales, purchases, and GST collected by you. It is a document that you need to file with the government in order to pay your tax liability. Filing a GST return means that you are following the GST laws and regulations as put forth by the government. This is a document that you will have to file every month and it should be done within the specified time frame. The government has set a deadline for each state by which the GST return must be filed by.
The import utility will help taxpayers import pre-filled data and edit it before filing ITR. The Income Tax Department has decided to do away with the Excel data sheets, and it has introduced a new idea of import utility that will allow importing data into ITR. In the past, a user would have to calculate the ITR manually, or else file tax manually as it would take quite some time. This new direction of thinking is a step in the right direction as it will make things simpler. GSTR-1, GSTR-2, GSTR-3, and GSTR-4 are all filed by Registered Indian Taxpayers for outward supplies of goods or services. GSTR-5 and GSTR-6 are filed by non-resident foreign taxpayers and details of inward supplies of goods and services made to non-taxable persons located in India etc. Filing for each form is simple, fast, and secure.
A tax summary report provides an overview of all taxes that your business has paid on invoices and paid on costs. You will be able to view the total value of taxes paid/collected during a period of time. The tax summary shows the total amount for each tax type, what percentage of each tax was paid and how much was calculated as the difference between expenses and receipts across dates.
The Create Tax Statements from your transaction or credit card account screen allows users to easily create tax statements for their business. Customers can do this by selecting the "to make a statement" option and entering information about their business. Once completed, the customer can preview their statement before it is printed."