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Sources of Income under Income Tax Act 1961

The Income Tax Act 1961 recognizes five main sources of income for tax purposes. These sources are income from salary, income f…

What is Debtor? (Role & Type of Debtor)

A debtor is a person or entity that owes money to another person or entity, known as a creditor. In financial accounting, the co…

An Introduction to Goods and Services Tax in India

GST is a tax system in India that seeks to simplify and harmonize the current indirect taxation system. It has replaced severa…

What are Debit and Credit ?

When recording transactions in the accounting records, the accountant and bookkeeper use the terms debit and credit. The amount …

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