What is the Difference Between Corporate Tax and Income Tax for a Private Ltd Company? Introduction What is difference between corporate tax and income tax for a private Ltd company? Taxation plays a crucial role in any business structure, and understanding the distinction between different types of taxes is essential for compliance and financial planning.… 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 »
What is a “Daybook” in Accounting? Introduction In the world of accounting, accuracy and proper record-keeping are crucial for maintaining the financial health of any business. One of the foundational tools used in accounting to track daily financial transactions is the daybook. Whether you are managing a small business or handling complex financial data in… Read More »
Introduction The Finance Act 2021 introduced Section 194Q of the Income Tax Act to regulate tax deduction at source (TDS) on the purchase of goods. The provision came into effect on July 1, 2021, and aims to enhance tax compliance, prevent tax evasion, and widen the tax base. This article delves into the meaning, applicability,… Read More »
User Intent Users searching for deferred revenue expenditure are typically business professionals, students, accountants, and financial analysts. They want to understand its definition, application, benefits, and limitations in a structured manner. This article provides a detailed yet easy-to-read explanation to help users grasp the concept efficiently. Introduction Financial management involves different types of expenditures, each… 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 »