Income Tax Refund - Basic Concepts
Jun. 18, 2019
If in any year, a person has paid taxes to the department in excess of the the income tax calculated in his return, the department returns the excess amount to the person after his return is processed. This excess amount is called income tax return.Income tax refund is defined under section 237 of the Income tax act.
How should you deposit your income tax?
Jul. 26, 2018
What do you prefer - giving your banking passwords to your CA/lawyer/TRP or depositing tax by yourself? Quite frankly, legal jargon is so scaring that I always opted for the first option unwillingly. But, now after remembering these five steps, I deposit tax on my own. You can also try these and stop spilling the beans.
How to Audit: Credit Sales
Mar. 27, 2018
Credit sales represent the primary goods of a trading company which are advanced to the consumers of the goods before the actual payment is received. In accounting, a debtor or customer account is created and it represents the amounts of credit sales of a company. Here is how you audit this account.
Treatment of Preliminary Expenses
Mar. 27, 2018
A company is a person brought to life by the law of the country. And in the process of bringing a company to life, real people invest their time and money. It means the company when it finally comes to existence, is already in debt to these people for that money they spent. These expenses are really extraordinary in nature because these happen only once in the lifetime of a company. Let's see what the Companies Act, 2013 and the Income Tax Act,1961…
Do Preliminary expenses constitute marketing expenses?
Mar. 27, 2018
A company is a person brought to life by the law of the country. And in the process of bringing a company to life, real people invest their time and money. It means the company when it finally comes to existence, is already in debt to these people for that money they spent. These expenses are really extraordinary in nature because these happen only once in the lifetime of a company. Let's discuss these expenses in detail.
You got an assignment.
Mar. 27, 2018
Yes, you did. Just admit it. Thank you. This ripple is a day of your life, sort of a blog. But only you know you have secretly written this article to explain where to learn how companies increase their share capital at the same time. You understand what's going on. But who are you?
Other Objectives of a business
Mar. 22, 2018
We have already discussed how important Profit motive is for the growth and existence of an entity in the earlier article. We shall talk about the other objectives of a modern day business in this article.
Profit as a business objective.
Mar. 22, 2018
Profit is the financial benefit or the value that you realize when your earnings from a business exceed the costs and expenses incurred to run that business. Profit belongs to the owners of the business, and thus, the owners get to decide whether the profit should be re-invested or distributed among themselves. Profit is the reward one gets for taking risks in the business. Let's see how Profit acts as a business objective.
How to Audit: Cash at Bank
Mar. 21, 2018
Cash at Bank is the sum of all cash, currency and other unrestricted liquid funds that have been placed on deposit with a financial institution. Cash at bank is considered a highly liquid form of current asset, and when reported on a business' balance sheet, it is combined with cash in hand for accounting purposes.
How TO Audit: Bought ledgers with debit balances.
Mar. 21, 2018
A bought ledger is a system of accounting by which business records and monitors its creditors. The purchase ledger contains the individual accounts of suppliers from whom the business has made purchases on credit.An account in the Bought Ledger may be in debit. The balance may represent the amount receivable on account of goods returned, rebate allowed by the supplier or advance paid against an order.