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How are Goods and Services Identified Under GST Classification?
Correct GST classification is the basis of the indirect tax system of India. Every product and service needs to be put under a certain category before the respective GST rate…
Who is Required to Deduct and Report 26q TDS?
Timely adherence to 26q tds is a critical task for Indian businesses. It applies to payments made to resident where tax has to be deducted at source under the Income…
How Income Tax Act 139 1 Affects Salaried Individuals and Businesses?
Filing of income tax return is not optional once situations under Income Tax Act 139 1 are triggered. This section of the Income Tax Act, 1961 requires people, firms, and…
How to Adjust an Unbilled Revenue Accounting Entry in Financial Statements?
Revenue is not necessarily billed on the same date that it is earned. This is a common situation for businesses which follow accrual accounting. The Unbilled revenue accounting entry insures…
How Do Businesses Use Accounting and Economic Profit in Financial Analysis?
Understanding profit is fundamental to the financial health of a business. Two measures of significance used in conducting financial analysis are accounting and economic profit. These concepts help businesses to…
What are the Key Provisions Under Section 38 of CGST Act?
The Section 38 of CGST Act is critical in ascertaining the manner in which Input Tax Credit (ITC) is communicated and claimed under GST. It regulates the sharing of details…
Can You Cancel an Invoice After the E Invoice Cancellation Time Limit?
Businesses that create e-invoices under GST must comply with hard rules that have been put in the system. One critical rule is that of E invoice cancellation time limit. The…
When Should You Pass a Bad Debts Journal Entry?
Unpaid invoices have a major direct impact on cash flow and reported profits. It is at that point that it is necessary to pass the right bad debts journal entry.…
What is the Correct Order of GST Set Off Rules?
Understanding the GST set off rules of great importance for every registered taxpayer in India. Input Tax Credit (ITC) helps to reduce tax liability, but only when it is utilized…
How Does a Credit Sales Journal Entry Affect the Balance Sheet?
A Credit Sales Journal Entry is one of the most common entry of accounting in Indian businesses. It is used to record a sale in which payment is not received…