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 authorities.… Read More »
Direct and Indirect Expenses Direct and indirect expenses Difference DirectExpense Direct expense or income are those expenses or income that are directly related to the production or sale of goods or services. They are directly traceable to a specific product or service and can be allocated to it without any difficulty. Examples of direct expenses… Read More »
Capital income Vs Capital Gains Capital gains and capital Income are two different concepts in the field of finance. It’s refers to any income earned from capital assets, such as interest income from bonds, dividends from stocks, or rental income from a property. Capital income is typically earned as a regular income stream and… Read More »
RCM in GST The RCM stands for Reverse Charge Mechanism in GST. The Reverse Charge Mechanism is a concept under GST wherein the recipient of goods or services is liable to pay the GST instead of the supplier. To put it differently, the Reverse Charge Mechanism necessitates that the individual receiving goods or services obliged… Read More »
Net revenue and Gross profit Net revenue and gross profit are both important financial metrics that used to measure the financial performance of a business. However, they represent different aspects of a company’s financial picture. Net revenue is the total amount of revenue earned by a business after deducting any discounts, returns, and allowances from… Read More »
Basic accounting terminologies Website link Basic accounting terminologies: Here are some basic accounting terminologies: 1.Assets: Resources owned by a business that has monetary value and are expected to provide future benefits. 2.Liabilities: Obligations of a business to pay debts or other financial obligations. 3.Equity: Equity refers to the ownership interest in a company or property,… Read More »
Are net sales the same as revenue Net sales and revenue are related but not exactly the same. While both terms are used in financial statements and are indicators of a company’s income, there is a distinction between them. Revenue refers to the total amount of money generated by a business through its primary operations.… Read More »
Difference between Revenue and Valuation Revenue and Valuation: Revenue refers to the income earned by a company through its core operations, such as the sale of goods or services, while valuation is the process of estimating the worth of a company or an asset. Visit for more information: https://www.mca.gov.in/ It is a measure of a… Read More »