Don’t Mess With Taxes

India has a long history of agrarian civilization, and agriculture has always been the foundation of the Indian economy . Before starting with the classification, let's understand the importance of agriculture with some datasets; India has the second-biggest amount of cultivable land in the world and the highest amount of irrigated agricultural land (8.26 million hectares) (159.7 million hectares). India ranks third in the world, In terms of major crops including wheat, rice, cotton, fruits, vegetables, and pulses. According to NITI Aayog, agriculture comprises roughly 54.4% of India's employed workforce, which was 18.29% of GVA (Gross Value Added) in 2019-20, sustaining 45.6% of the workforce. India is the world's #1 producer of milk, fruits, and vegetables, according to PRS figures. Following IMARC figures, India's agriculture sector generated 71,220 billion rupees in 2021 and is projected to increase to 142,280 billion rupees by 2027, with a compound annual growth ra

  Bank Reconciliation is an important process of matching bank statements with the deals that are recorded in the accounting software. The matching of the bank deals versus entries in the diurnal journal entries is done automatically by replacing homemade work, this is called AI Grounded Bank Reconciliation. The stylish Accounting Software should be the done  that helps you to give options to produce trial balances, easy journal entries, produce tally accounts, and attune all your bank deals directly with the records in the Accounting Software.  The crucial reason to buy Accounting Software for the entrepreneur is, to have an AI- grounded Bank conciliation point as it maintains clear, accurate, and inspection-ready data.  Find below the details of how The Best Accounting Software for Small businesses is helping them with AI- grounded Bank Reconciliation point      1. Royal Reconciliation  An automated bank Reconciliation Accounting Software enables you to integrate all your current s

  On 1st November 2022, the finance ministry recommended a common ITR Form for all taxpayers. Currently, there are 7 different types of income tax return (ITR) forms, from ITR 1 to ITR 7, that can be filed by various taxpayer groups based on a number of factors, such as the source, level, and type of income, among others. To ease the ITR e-filing process, The Central Board of Direct Taxes (CBDT)  has put out a draft universal ITR form for comment from stakeholders and the general public. Except for ITR-7, all ITR Forms would be replaced with the common ITR Form. ITR-1 and 4 would still exist, but people would also be able to submit their ITR using the common ITR form. However, The common ITR will be the only alternative available to taxpayers who are entitled to file ITR-2 (ITR for capital gains) and ITR-3 (ITR for business returns) once it is adopted. Advantages of Common ITR Filing as per CBDT Taxpayers will have the choice to file their returns at their convenience in the proposed