Tax planning vs accounting Tax planning vs accounting Website link Tax planning vs accounting: Tax planning and accounting are distinct but interconnected aspects of managing finances. Here’s a comparison between tax planning and accounting: Tax Planning: Focuses on minimizing tax liability and optimizing tax-related strategies to legally reduce taxes. Involves analyzing current and projected… Read More »
Purchase as Expense A purchase is not necessarily an expense in accounting. A purchase is simply the act of acquiring goods or services by exchanging money or other assets. However, a purchase can become an expense when the goods or services acquired are used up or consumed in the normal course of business. At that… Read More »
Prepaid Expenses It is considered as personal accounts in accounting because they represent an advance payment made by the business for goods or services. It will receive in the future. Personal accounts are those accounts that deal with individuals, firms or entities. That either indebts to the business or have lent money to the business.… Read More »
Deadlines for GST Tax Payments The specific deadlines for GST tax payments vary based on the taxpayer’s category and the frequency of their filinga Here are some general guidelines for GST tax due dates in India: Monthly GST Return Filers: For businesses that file their GST returns on a monthly basis, the tax due… Read More »
Cost, Expense and Investment Website Link: Cost, Expense and Investment: Cost, expense and investment are all financial terms that refer to different types of spending. Here are the differences between them: 1.Cost: Cost refers to the amount of money spent on producing or acquiring goods or services. It is usually associated with the direct expenses… Read More »
Financial Management Financial management: It refers to the process of planning, organizing, controlling, and monitoring the financial resources of an organization to achieve its goals and objectives. It involves making decisions about how to raise and allocate funds, invest resources, and manage risks to maximize the organization’s value and financial performance. The key areas of… Read More »
Accrued expense definition Accrued expense definition, Accrued expense and outstanding expense are both terms relate to expenses that are incur but not yet paid. However, there is a difference between the two terms: Accrued expense An accrued expense is an expense that has been generate but not yet paid, and has not been record in… Read More »
Calculation Of Total Income To calculate your total income, you will need to add up all of the income you have earned during the year from various sources. Calculation of total income can include: To Visit https://www.incometax.gov.in/ 1.Salary or wages earned from your job 2.Income from freelance or self-employment work 3.Interest earned from savings accounts… Read More »
Pink tax Pink tax is a term used to describe the extra amount that women are charged for certain products or services that are marketed specifically to them, compared to similar products marketed to men. This can include items such as clothing, personal care products, and healthcare services. Pink tax is not a separate… Read More »
GST and Income Tax GST and Income Tax ,GST (Goods and Services Tax) is a taxation system implement in India, which levies a value-added tax on the supply of goods and services. It is a comprehensive tax structure that encompasses various stages of the supply chain, ensuring that taxes are collect at each stage.… Read More »