Taxation Compliance Taxation compliance is for several reasons: Legal Obligation: Paying taxes and complying with tax laws is a legal requirement in most jurisdictions. Failure to meet tax obligations can result in penalties, fines, or even legal consequences. Complying with tax laws ensures individuals and businesses remain in good standing with tax authorities and… Read More »
TDS Compliances TDS Compliances, is a chart for the financial year 2022-23 in India. Please note that the rates and thresholds mentioned below are based on the information available up to my knowledge cutoff in September 2021. It’s always advisable to refer to the official tax department website or consult with a tax professional… Read More »
Definition of GST invoice Definition of GST invoice, A GST invoice is a crucial document issued by a supplier to the buyer, containing all the necessary details of the transaction in accordance with the Goods and Services Tax (GST) Act in India. It serves as proof of the supply of goods or services and… Read More »
Methods of preparing Trial balance There are two common trial balance methods used for preparing trial balances: the Total Method and the Balance Method. Total Method: With the Total Method, the total of all debit balances and the total of all credit balances in each account can calculate separately. These totals then compare, and if… Read More »
How to do GST compliance for private limited company Compliance with GST for a private limited company entails meeting the prescribed guidelines and fulfilling the requirements of the Goods and Services Tax (GST) as established by the tax authority. Here are some key aspects of GST for Private limited company: GST Registration: If your company… Read More »
Purpose of GST returns The introduction of the Goods and Services Tax (GST) in many countries has streamlined the tax system by replacing multiple indirect taxes with a unified system. GST returns are a critical aspect of this tax framework, designed to ensure compliance, transparency, and effective tax collection. In this article, we will explore… Read More »
Income tax demand a contingent liability Yes, the interest on income tax demand is a contingent liability because it is a potential obligation that arises from an event that has already occurred, which is the assessment of additional income tax. However, the final amount of interest payable may depend on various factors, such as the… Read More »
The system includes hardware, software, and procedures that are designed to support the accounting function of an organization. It typically includes modules for accounts payable, accounts receivable, general ledger, inventory management, payroll, and financial reporting. The system helps to ensure the accuracy and completeness of financial data, improves decision-making, and provides better control over financial… Read More »
Daybook Accounting Daybook Accounting: In accounting, a daybook (also known as a journal) is a primary record where daily transactions are initially recorded. It serves as the first step in systematically documenting accounting transactions. The daybook serves as the initial recording location for transactions before they are transferred to the general ledger or subsidiary… Read More »
Deferred Revenue Expenditure Understanding : A Comprehensive Guide In the realm of accounting and financial management, understanding various types of expenditures is crucial for accurate financial reporting and decision-making. One such concept is “deferred revenue expenditure.” Although it may sound complex, grasping its essence is vital for managing a company’s finances effectively. 1.… Read More »
