TDS compliance for Pvt LTD Company TDS Compliance for a Pvt LTD company involves fulfilling various requirements to deduct and remit TDS on specified transactions. Here are the key aspects of TDS compliance for a private limited company: Obtain TAN (Tax Deduction and Collection Account Number): Ensure that the private limited company has obtained… Read More »
Asset valuation The value of an asset is determined by several factors, including supply and demand, the asset’s intrinsic characteristics, market conditions, and economic indicators. The most important factor in determining the value of an asset is the interaction between buyers and sellers in the marketplace. When there is a high demand for an… Read More »
TDS Return compliance Compliance with TDS (Tax Deducted at Source) return filing is crucial for businesses or individuals who have deducted TDS and are required to report and remit the deducted amounts to the tax authorities. The specific compliance requirements may vary depending on the country and its tax laws. Here are some common aspects… Read More »
Ledger Balance in GST Ledger balance in GST: It refers to the balance amount available in a taxpayer’s electronic cash ledger or electronic credit ledger. The electronic cash ledger reflects the amount of cash deposited by the taxpayer and can be use to make GST payments, while the electronic credit ledger reflects the… Read More »
Is depreciation a current liabilities No, Depreciation is a technique in accounting that spreads the cost of a tangible asset across its useful lifespan. It represents the wear and tear, usage, or obsolescence of the asset over time. For more information to visit: https://www.incometax.gov.in Here are the key points to understand about depreciation and its… Read More »
Is Net Turnover the Same as Net Profit? When managing finances or reviewing a company’s performance, it’s essential to understand the difference between key financial terms like net turnover and net profit. While these terms might sound similar, they refer to entirely different concepts in accounting. Net Turnover: Net turnover, also known as net sales,… Read More »
How do I calculate the interest on GST liability The interest on GST liability is calculated at a specific rate on the amount of tax liability that is overdue or unpaid for a particular period. The interest rate is currently set at 18% per annum and is calculated on a monthly basis. To calculate the… Read More »
Accounting treatment of an asset When an asset has been fully depreciated but is still in use, it should be recorded on the balance sheet at its net book value, which is the original cost of the asset minus the accumulated depreciation. The accumulated depreciation account will continue to increase as depreciation is charged each… Read More »
What Are Direct Expenses? Direct expenses are costs that can be directly trace to a specific product, project, or department. These are incurred as a result of producing goods or providing services and are directly attributable to the cost of sales or revenue generation. In simpler terms, if a company stops producing a product… Read More »
TDS Certificate Required TDS certificate required, TDS (Tax Deducted at Source) certificates are vital for providing conclusive proof of tax deduction at the source and play a critical role in enabling various procedures associated with income tax compliance. The following are key reasons highlighting the importance of TDS certificates: Proof of Tax Deduction: TDS certificates… Read More »
