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 »
Net Revenue and Gross profit Net revenue, also called net sales, refers to the total income a company generates from its operations after deducting certain items such as discounts, returns, and allowances. It represents the actual amount of money a business brings in from selling its goods or services. Formula for Net Revenue: Net Revenue=Gross Sales−Returns−Allowances−Discounts\text{Net Revenue}… Read More »
TDS Compliances TDS Compliances, is a chart for the financial year 2022-23 in India. Please note that the rates and thresholds mentioned below are based on the information available up to my knowledge cutoff in September 2021. It’s always advisable to refer to the official tax department website or consult with a tax professional… Read More »
User Intent Users searching for this topic want to understand the different methods of preparing a trial balance in accounting. They might be students, professionals, or business owners looking for a detailed explanation, benefits, limitations, and comparisons of these methods. Introduction In the world of accounting, accuracy is crucial. One of the essential tools for… 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 »
Purpose of GST returns The introduction of the Goods and Services Tax (GST) in many countries has streamlined the tax system by replacing multiple indirect taxes with a unified system. GST returns are a critical aspect of this tax framework, designed to ensure compliance, transparency, and effective tax collection. In this article, we will explore… Read More »
Income tax demand a contingent liability Yes, the interest on income tax demand is a contingent liability because it is a potential obligation that arises from an event that has already occurred, which is the assessment of additional income tax. However, the final amount of interest payable may depend on various factors, such as the… Read More »
The system includes hardware, software, and procedures that are designed to support the accounting function of an organization. It typically includes modules for accounts payable, accounts receivable, general ledger, inventory management, payroll, and financial reporting. The system helps to ensure the accuracy and completeness of financial data, improves decision-making, and provides better control over financial… 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 »
What does ITNS mean in income tax ITNS stands for “Income Tax Challan Non-System”. It is a type of challan used for payment of income tax, where the payment is made offline through banks or at the designated collection centers. This challan contains details such as the name of the taxpayer, address, PAN number, assessment… Read More »