Input tax credit is the credit a business can claim for tax paid on eligible purchases and expenses, which can then be set off against the tax collected on sales. It reduces the net tax payable to the government. Proper documentation and compliance are essential because ineligible or unsupported input tax claims can lead to disallowance and penalties.
Issued Share Capital
Issued share capital is the portion of a company’s authorized share capital that has actually been offered and allotted to shareholders. It represents the...
Invoice
An invoice is a formal document issued by a seller to a buyer requesting payment for goods supplied or services rendered. It usually contains...
Investment Property
Investment property is land or a building held to earn rental income, capital appreciation, or both, rather than for use in operations or for...
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