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SIP - Systematic Investment Plan

SIP Savings typically refers to a Systematic Investment Plan (SIP), a disciplined and structured way of investing in mutual funds. SIPs allow investors to invest a fixed amount of money at regular intervals (monthly, quarterly, etc.) into a chosen mutual fund scheme. This approach is particularly popular for building wealth over the long term due to its benefits like rupee cost averaging and the power of compounding. Key Features of SIP Savings: 1. Regular Investments: Investors commit to investing a fixed amount regularly, which inculcates a saving habit. 2. Rupee Cost Averaging: By investing a fixed amount regularly, investors buy more units when prices are low and fewer units when prices are high, potentially reducing the average cost per unit over time. 3. Compounding Benefits: Earnings from investments are reinvested, allowing the investment to grow exponentially over time. 4. Flexibility: Investors can choose the amount, frequency, and duration of their investments. SIPs also off...
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Bulk Notices for Defective ITR u/s 139(9)

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Bulk Notices for Defective ITR u/s 139(9) Key Observations!!  📌Two kinds of Notices have been received -In case of 44AD-Income offered is less than 6%/8% -Receipts in 26AS are higher than Total Receipts disclosed 📌44AD notices has only been received where the profit declared is EXACT 6%/8% of Turnover and not in cases where Declared profit is higher.  @IncomeTaxIndia shall look into this matter (tech. issue) urgently as Profit in all such cases has been offered at required 6%/8% & withdraw such notices. 📌In notices which says that receipts in 26AS are higher than declared receipts then:- 👉It may be due to actual mismatch, like in case of contractors where Income offered in preceding FY but TDS has been deducted in Current FY 👉Also notices have been received treating figures of 194N (Cash withdrawal TDS) as mismatch in Turnover, which is not correct [@IncomeTaxInd please check] and Defect can be disagreed with proper explanation in such cases. 👉Also in 26AS mismatch n...
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What is Advance Tax ? Due Date for Advance Tax Payment is 15th March 2024

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  The income tax return (ITR) filing season often brings stress for many taxpayers, owing to the substantial time and effort needed to gather all the necessary information, arrange it systematically, and subsequently complete the return form and the burden of huge tax liabilities to be paid. However, an effective strategy can help alleviate some of this burden - advance tax payment online. Advance tax is a method of tax collection that allows taxpayers to pay their tax liabilities in installments throughout the financial year rather than in a single lump sum payment. This approach eases the financial strain and simplifies the  ITR filing  process. Let us read more below. The due date for the fourth and last installment of advance tax( FY 2023-24) is 15th March 2024. What is Advance Tax? Advance tax, also known as "pay as you earn" tax, is a system where taxpayers make prepayments of their income tax throughout the financial year instead of paying a lump sum at year-end. I...
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Definition of Accounting

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Reckoning4u.  Definition of Accounting   Accounting is the systematic process of identifying, recording, measuring, interpreting, summarizing, and communicating financial information about an entity to various stakeholders, including investors, creditors, management, and regulatory authorities. It involves the collection and analysis of financial data to provide insights into the financial performance and position of an organization. Key components of accounting include: Identification: Identifying and recognizing financial transactions and events that affect the entity's financial position. Recording: Recording financial transactions in a systematic and chronological manner using appropriate accounting principles and standards. Measurement: Quantifying the financial effects of transactions in monetary terms, typically using a common unit of measurement such as a currency. Interpretation: Analyzing and interpreting financial data to assess the financial health, perfor...
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