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How Do You Calculate Amortization in Accounting?
The concept of asset cost spreading can be confusing to many business owners, but is a significant part of day-to-day work with finances. This is where Amortization in Accounting comes…
Bill Discounting vs Bill Purchase: Which Is Better for SMEs?
The finance side of an SME moves quickly and owners often need the cash long before the customer comes to pay. Understanding Bill Discounting vs Bill Purchase It is important…
What are the Common Errors in Depreciation in Accounting?
Many Indian businesses face the problem of how to record fixed asset expenses where this is where the concept of Depreciation in Accounting comes into place. Owners have a tendency…
What Transactions Fall Under Section 68 of Income Tax Act?
Many business owners get confused when sudden credits reflect in their books and the source of the same is questioned by tax officers. This is where Section 68 of Income…
How Does GST on Furniture Affect Buyers and Businesses?
Understanding GST on Furniture helps buyers and business owners to make clarity of decisions on any furniture purchase or sale. Furniture is subject to different tax rates depending on the…
What Happens If You Use the Wrong SAC Code in GST?
The manner in which the services are taxed under the GST is based on proper classification. Many businesses have an issue with this part of the SAC code in GST,…
What Factors Lead to a GST Rate Revision in India?
Every business watches the decisions regarding the GST rate revision, as such changes interrelate to pricing and related margins and long-term planning. The processing of rates is within the purview…
How Do You Record Adjusting Entries in Accounting Step by Step?
There are often time lapses between the time of a transaction and when transactions are recorded on the books in Indian businesses. The adjusting entries in accounting help in closing…
Why is Section 17(1) of Income Tax Act Important for Taxpayers & Employers?
The meaning of salary often gets confused for the employees & payroll team. Many terms sound similar but have different tax implications. The section 17(1) of Income Tax Act brings…
When is Income Taxed in India Under Section 9 of Income Tax Act?
When income is taxable as per Section 9 of Income Tax Act is very important for businesses and individuals in India. This section describes the requirements when income, earned both…