Private Ltd company Private Ltd company and income tax are two types of taxes that a private limited company may be require to pay, and they have some differences: Pvt Ltd Company Pvt Ltd Company is a tax on the profits earn by a private limited company is paid on the net profits of the… Read More »
Applicable GST GST extra as applicable” indicates that the price mentioned for a product or service does not include the Goods and Services Tax imposed by the government. The GST amount will add separately to the quoted price, and the final price will include in it. So the GST amount will add to the quoted… 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 »
Debit invoice vs credit invoice Debit invoice vs credit invoice, A debit invoice and a credit invoice are two types of documents used in accounting to record financial transactions. They have distinct characteristics and implications: Debit Invoice A debit invoice is a document issued by a supplier to a buyer when additional goods or… 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 »
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 »
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 »
Section 194Q of Income Tax Act Section 194Q of the Income Tax Act, introduced in the Union Budget 2021 and effective from 1st July 2021, is a provision that specifically applies to buyers making payments to resident sellers for the purchase of goods. To visit:https://www.incometax.gov.in According to this provision, if a buyer makes payments exceeding… 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 »
Non-negotiable letter of credit A non-negotiable letter of credit is a financial instrument used in international trade to provide payment security for the seller or exporter. Unlike a negotiable letter of credit, which can be bought and sold on the secondary market, It cannot be transferred to a third party. It is only valid between… Read More »
