Browsing: Accounting and Tax

Account and Tax

In Account and Tax, the tax accounting consists of accounting methods that focus on taxes rather than the appearance of public financial statements it is governed by the Internal Revenue Code.

Reading Time: 3 minutes The PAN which is an abbreviation of the Permanent Account Number is a ten-digit alphanumeric code issued by the Income Tax Department in India. The PAN is a unique and permanent number and remains valid for the lifetime of its holders. At present, the Income Tax Department issues the PAN number by way of a plastic identity card or ecard. A typical PAN Card contains the following information Name of the Pancard HolderFathers NameDate of BirthPAN NumberPhotograph in case of IndividualsSpecimen Signature. PAN is mandatory for a host of transactions and it is advisable to obtain a PAN Card as…

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Reading Time: 1 minute content being upgraded, hence removed, shall be up soon. Reach us at info@setindiabiz.com or call at +91-9899600605 for assistance INDIA: Delhi, Mumbai, Bengaluru, KolkataCHINA: Foshan City, Guangzhou Website: www.setindiabiz.com CONTACT SALESIndia: +91-9899-600-605China: +86-13929965187Email: help@setindiabiz.comOffice Timing: 9 AM to 9 PM (365 Days in Year)

Reading Time: 3 minutes DOCUMENTS REQUIRED FOR GST REGISTRATION OF A COMPANY The taxable event in GST is the supply of goods or services or both, various taxable events of the former tax regime, like manufacturing, sale, purchase, rendering of service, entry into a territory of state etc. have been done away with in favour of just one event; i.e. supply. Generally the person who supplies the goods or services are required to pay the tax, however in cases of import or other notified supplies the liability to pay GST may be on the person receiving the goods or services, this situation is known…

Reading Time: 2 minutes Advantages of GST One Nation One Tax GST shall be the only tax in the entire supply chain of goods or services thus shall subsume various taxes which was being levied since independence like Central Sales Tax, Additional Customs Duty, Purchase Tax, Luxury Tax, etc. this shall eventually result in easy tax management. Advantages of GST Lower Taxes (NO tax on Tax) In the previous indirect tax regime, though through reforms an effort was made to remove a tax on tax and VAT was introduced, however, there exist cases where a tax was imposed on tax. For example, vat was…

Reading Time: 2 minutes Accounting Standard as Per Companies Act 2013 The financial statement of the company is required to be prepared in compliance with the accounting standards issued by the central government and as per schedule III of the act. Section 133 prescribes that the central government on the recommendation of the Institute of chartered accountants of India and in consultation with the National Financial Reporting Authority (NFRA) shall prescribe the accounting standards. Accounting Standard as Per Companies Act 2013 The standards are a set of rules and guidelines issued for preparation of uniform and consistent financial statement. The accounting standards also prescribe…

Reading Time: 2 minutes Statutory Audit of Companies A company is required to prepare financial statement for period ending 31st March every year. Such financial statement must be give a true and fair view of the state of affairs of the company and comply with the accounting standards notified by the central government under Section 133 of the Companies Act. Such financial statement must be prepared in the form and format which may prescribed for a specific type of company for a private limited company schedule VI is the appropriate form. The expression financial statement includes following items: a balance sheet as at the…

Reading Time: 2 minutes Income Tax Audit Tax Audit is conducted as per the provisions of Section 44AB of the Income Tax Act, which gets applicable to a class of taxpayers. The purpose of tax audited is to ascertain whether the compliance of various provisions of the Income Tax Act and the rules made thereunder has been compiled by the assessee or not. The tax audit can be conducted by a Chartered Accountant in whole time practice. Following are the conditions which are necessarily required to be fulfilled.income tax audit Must be a person under Income Tax Act Must carry on business or profession…

Reading Time: 2 minutes Audit of LLP Every LLP is required to maintain its books of account on double entry accounting system at its registered office. The responsibility to maintain such books of account is on a designated partner of the LLP. The books of account to be maintained by the LLP must contain following : Entries from day to day of all sums of money received and expended by the LLP, and the matters in respect of which the receipt and expenditure take place. Records of the assets and liabilities. Statements of the cost of goods purchased. Statement of inventories. Statement of work-in-progress. Statement…

Reading Time: 5 minutes Professional Tax in India Professional Tax is a tax imposed by some of the state governments in India on persons earning income from salary or practicing professional such as Chartered Accountant, Company Secretary, Lawyer, Doctor etc. The state government derive the power to impose professional tax under Article 276 of the Constitution of India. The professional tax is levied by particular Municipal Corporation; however the Parliament of India have placed a ceiling of Rs. 2,500/- as the maximum amount which can be collected as professional tax in the year. The professional tax is based on slab which differ from state…

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