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There has been an alert given by the government of India regarding a counterfeit income tax notice that has been circulating from the online process. The tax notice, allegedly from the Income Tax Department, asks for payments for audited balance sheets through February 15, 2024. This notice, however, has been deemed fraudulent by the govt, […]
The Income Tax Department, taking a move to make sure companies do not adjourn their tax liabilities for the financial year, so it has been decided to monitor advance tax payments by assessing India Inc’s annual and quarterly balance sheets along with sectoral growth trends. As per the IT department’s central action plan for 2023-24, […]
Easy to Understand Balance Sheet Balance sheets are financial statements that show liabilities, assets, etc. at a particular point in time. Investors evaluate a company’s capital structure and compute returns based on the balance sheet. As a financial statement, a balance sheet shows what a company owns and owes, as well as the amount shareholders […]
CA, CS and other tax professionals looking for accurate and reliable Balance Sheet preparation & valuation software don’t have to go anywhere. Gen Bal, the most popular Balance Sheet software for the preparation of cash flow statements in Excel format in FY 2023-24. Chartered accountants (CA) can easily download the free trial version of Gen […]
From 7.1% in 2016 to 6.6% in 2017, the fall in GDP rate had raised a lot of eyebrows and serious questions were asked about the effectiveness of implementing GST post Demonetization.
Merchants are completely busy in GST return filing and are facing so many problems, trying to approach CA, agents, tax consultants, and experts to resolve their issues at the earliest.
The Madras High Court in a ruling quashed the GST DRC-07 order which confirmed the taxpayer’s demand as the taxpayer losses to provide a separate balance sheet and profit and loss account for the Tamil Nadu Branch. The council does not acknowledge the reply of the applicant, the bench noted. The applicant, Tokyo Zairyo (India) […]
A Simple Overview of a Trial Balance The trial balance is a report that shows the balances of a company’s general ledger accounts at a specific point in time. A trial balance contains accounts for all major accounting items, liabilities, revenues, expenses, assets, gains, and losses. As a result of the transactions recorded in the […]
Simple Definition of a Trial Balance A ledger is created when many entries are made in different accounts. Trial balance is the presentation of all the ledger balances on a particular date in a single worksheet. It can be understood by the following: System of Dual Entry – The recording of two consecutive, equal, and […]
