July 1, 2025 Evolution of the accounting treatment of ...

MUMBAI : For non-resident Indians (NRIs), filing income tax returns (ITRs) in India can seem complex. But with increased ...

The deadline for submitting ITR for FY 2024-25 is September 15, 2025 and this means eligible taxpayers should claim eligible ...

Making use of refunds; playing defense; how to use thin air; and other highlights of recent tax cases.

Taxpayers must review Form 26AS, AIS, and TIS before filing income tax returns. The Annual Information Statement (AIS) offers a detailed view of earnings, taxes, and investments, allowing taxpayers to ...

Delhi ITAT partially allows Rohit Goel's appeal against ACIT, addressing unexplained cash deposits, out-of-book purchases, and assessing income based on bank ...

The most important financial reporting period is the current period the company is reporting on. Business leaders want to ...

CBDT takes action against 5,483 taxpayers for non-disclosure of foreign income & assets worth Rs 29,208 crore. FinMin details ...

Income Tax Department uncovers Rs 29,208 crore in foreign assets and Rs 1,089.88 crore in foreign income through ...

House Republicans passed the wide-ranging Trump tax legislation dubbed the One Big Beautiful Bill Act, overcoming resistance ...

The income statement shows your company's profits or losses for a set time period. You create this statement as a part of the closing process at the end of an accounting period or fiscal year.

Closing Income Statement Accounts You need to close temporary accounts – that is, income statement and dividend accounts – soon after preparing your financial statements.