Direct and Indirect Expenses Before diving into the specifics of salaries and wages, it’s essential to understand the basic definitions of direct and indirect expenses: Direct Expenses: These are expenses that can be specifically linked to the creation of goods or the provision of services. They vary depending on the level of production. In other… Read More »
What is Input Tax? Input tax refers to the VAT (Value Added Tax) or GST (Goods and Services Tax) that a business pays on its purchases of goods and services. This tax is paid to suppliers and is recoverable against the VAT or GST a business collects from its customers. Essentially, input tax is the… Read More »
Financial, Cost and Management Accounting Financial, Cost and Management accounting are three different branches of accounting that serve different purposes. Here’s a brief overview of each: 1.Financial Accounting: Financial accounting focuses on preparing financial statements and reports that provide information about a company’s financial performance and position. The primary users of financial accounting information are… Read More »
Claim GST Input Credit When it comes to claiming GST input credit for a mobile phone purchased in the name of your shop but used for personal purposes, there are certain factors to consider. As an individual with a shop that has a GST number and pays GST monthly. You may wonder if you… Read More »
Working capital management Working capital management refers to the administration of a company’s short-term assets and liabilities to ensure it operates efficiently and maintains adequate cash flow. It plays a crucial role in a company’s financial health by balancing liquidity (the ability to meet short-term obligations) with profitability. By optimizing working capital, businesses can sustain… Read More »
How much GST-registration can be issued on one PAN number In India, a business or individual can have multiple GST registrations under a single PAN (Permanent Account Number). However, there are specific scenarios that determine the need for multiple registrations. 1. Different States If a business operates in multiple states, it must obtain separate GST… Read More »
TDS Compliance for LLP For a Limited Liability Partnership (LLP), compliance with TDS (Tax Deducted at Source) provisions is important to fulfill its tax obligations. Here are some key aspects of TDS compliance for an LLP: 1. TAN Registration: The LLP must obtain both valid Tax Deduction and Collection Account Number (TAN) from the tax… 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 »
TDS compliance calendar The TDS compliance calendar provides important dates and deadlines related to TDS for a specific financial year. Here is a general outline of the Tax Deducted at Source compliance calendar for FY 2022-23: TDS Deduction Due Dates: 7th of each month: TDS deduction for payments made in the previous month (except for… Read More »
Can I Use a Single GST Number for Selling Products and Services In India, the Goods and Services Tax (GST) is a comprehensive tax system that has streamlined the taxation process for businesses. A common question among entrepreneurs and small business owners is whether they can use a single GST number for selling both… Read More »
