GST in final accounts GST in final accounts, In the final accounts of a business, GST (Goods and Services Tax) is treat as follows: 1. Sales: The GST collected on sales is not consider as revenue, but rather a liability to be paid to the government. The total sales value should be record separately… Read More »
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 »
GST Compliance Requirements What are the Requirements of GST Compliance? Introduction The Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in many countries, including India. It was introduced to create a unified tax system, eliminating multiple indirect taxes. However, businesses must adhere to various GST… Read More »
User Intent Users searching for this topic are looking to understand whether it is compulsory to recognize a Deferred Tax Asset (DTA) or Deferred Tax Liability (DTL) in financial statements. They may be accountants, finance professionals, business owners, or students who want to grasp the application, benefits, and limitations of deferred tax accounting.… Read More »
Is the provision for taxation a liquid asset or not The provision for taxation is not considered a liquid asset. In financial terms, a liquid asset refers to an asset that can easily convert into cash without significant loss in value. While the provision for taxation represents an estimated amount set aside by a company… Read More »
