When you earn money from running a business or practicing a profession—such as operating a shop, freelancing, or working as a doctor, lawyer, or consultant—it is taxed under the heading “Profits and Gains of Business or Profession.”Under the Income Tax Act, 2025, Section 26 defines what constitutes business or professional income. Further, Section 27 states that such income … [Read more...] about Profits and Gains of Business or Profession under Income Tax (Section 26) – Meaning, Inclusions & Examples
Business Finance Basics Explained: Cash Flow, Profit & Break-Even in Simple Terms
Many people believe that if a business is making sales, it must also be making money. But real business finance does not work that way. A company can sell products, show profit on paper, and still struggle to pay its bills.If you’ve ever wondered how money actually moves inside a business, this guide will walk you through the basics step by step. We’ll look at ideas like … [Read more...] about Business Finance Basics Explained: Cash Flow, Profit & Break-Even in Simple Terms
Auditor Attendance in General Meetings (Section 146): Simple Guide for Companies
When people think about a company’s general meeting, they usually imagine shareholders and directors sitting together to discuss company matters. But there is another important person who must also be kept in the loop — the company’s auditor.Under the Companies Act, 2013, Section 146 explains how auditors are connected to company meetings. In simple terms, the law ensures … [Read more...] about Auditor Attendance in General Meetings (Section 146): Simple Guide for Companies
QRMP Scheme in GST Explained: Quarterly Returns Guide for Beginners in India
The QRMP scheme allows eligible businesses to file GST returns quarterly while still paying tax every month. In this guide, we’ll understand the QRMP Scheme in GST in simple language, using real-life situations and practical examples.Key TakeawaysWhat is the QRMP Scheme in GST?Imagine a small IT consultant who raises only a few invoices every month. Earlier, they … [Read more...] about QRMP Scheme in GST Explained: Quarterly Returns Guide for Beginners in India
What is Business-to-Consumer (B2C) in GST India?
Imagine you walk into a nearby shop and buy a pair of headphones for your personal use. The bill you receive is very different from the bill issued when one company sells goods to another company. This difference is where B2C (Business-to-Consumer) and B2B (Business-to-Business) come into the picture.If you run a shop, sell online, or are just learning GST basics, … [Read more...] about What is Business-to-Consumer (B2C) in GST India?