Total Liabilities V/s Current liabilities Total Liabilities V/s Current liabilities refer to all the debts and obligations a company owes, including both current and long-term liabilities. Current liabilities, on the other hand, are debts that are due and payable within a short period of time, typically one year or less. Some examples of current… Read More »
TDS Codes In the Indian context of Tax Deducted at Source (TDS), TDS code denote distinct identification codes assigned to various payment categories for the purpose of reporting. These codes are use while filing TDS returns to indicate the nature of the payment on which TDS has been deducted. The TDS code are specify by… Read More »
Types of Reserves There are typically two types of reserves that can appear on a corporate balance sheet: revenue reserves and capital reserves. Revenue reserves are create from profits earn by the company and not distributed as dividends to shareholders. These reserves can be used for a variety of purposes, such as reinvesting in… Read More »
Is depreciation the loss of the value of fixed assets Depreciation loss value of fixed assets refers to the process of distributing the cost of a fixed asset over its useful life. It is not technically a loss of value, but rather an accounting method to allocate the cost of an asset over the period… Read More »
Can HUF open PPF account HUFs (Hindu Undivided Families) are not eligible to open a Public Provident Fund (PPF) account. PPF accounts are available only to individuals, not to HUFs or other types of entities. PPF accounts are intended for individuals to invest and save for their long-term financial goals. For more information visit this… Read More »
Relationship between QA and CA Quick assets are those current assets that can be easily converted into cash, such as cash, marketable securities, and accounts receivables. Current liabilities, on the other hand, are those obligations that are due within one year. Such as accounts payable, short-term loans, and accrued expenses. The relationship between quick assets… Read More »
Is book value the same as net asset value No, book value and net asset value (NAV) are not the same. Book value is the value of a company’s assets minus its liabilities and is calculated based on the accounting records of the company. It represents the value of the company’s assets that would remain… Read More »
Difference between Tax planning and Tax management Understanding the Distinctions: Tax Planning vs. Tax Management When it comes to managing finances, particularly in the realm of taxation, two terms often come up: tax planning and tax management. While they might seem similar at first glance, they serve different purposes and are crucial in their own… Read More »
Tax Planning: Tax planning involves proactive strategies and actions taken throughout the year to minimize tax liability and optimize financial outcomes. It focuses on analyzing the taxpayer’s financial situation, exploring tax-saving opportunities, and implementing strategies to legally reduce taxes. Tax planning aims to strategically manage financial affairs, take advantage of applicable tax laws and provisions,… Read More »
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 »