Deferred Revenue

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Deferred Revenue

We know Revenue which is also called Sales or Income. Then the question comes, What is Deferred Revenue? The Revenue for the year gets recognized to the extent it Accrues or Arises in the particular Year / Period. There are possibilities that a Company may receive the Revenue in Advance for the Sale or Services or events that are to be rendered in the future. It pertains to the next Year / Period and will get recognized only in the next Year or upon happening of an event. It means…

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Income Tax Calculator for FY 2020-21 (AY 2021-22) – Excel Download

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Income Tax Calculator for FY 2020-21

The Income Tax Calculator for FY 2020-21 (AY 2021-22) is in Excel and is available Free for download. It calculates Income from, Salary Pension House Property Other sources (Interest, Dividend, etc.)   Click below to download the Income tax calculator FY 2020-21 in excel free. Income Tax Slab FY 2020-21 for Income Tax computation are briefed below. The new regime of taxation is introduced which is optional to an Assessee. In Option / alternative 1 (Old regime), the rates remain the same as of last year as below. And all…

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Accrued Expenses | Provision for Expenses

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Accrued Expenses

Meaning of Accrued Expenses In the mercantile system of accounting, expenses are recorded on an Accrual basis. The expenses pertaining to any particular year must get Debited to the respective year. Therefore the expenses incurred in the current year, but the invoice is not received from Vendors are Accrued Expense or the Provision is made for these expenses. What is Accrual Accounting? In the mercantile system of Accounting, the expenses must get accounted for or Debited in the same year/period, for which those are pertaining. And will not get Debited…

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Income Tax Provision | Provision for Income Tax

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Income Tax Provision

-Income Tax is a Direct Tax charged on the Income of an Assessee. Income Tax is always paid in advance to avoid the interest under sections 234B & 234C. For Salary, it is always deducted as a TDS every month and for other sources of income, it is to be paid in Advance. While accounting for the business transactions every month, Income Tax provision is to be made on an estimated profit for the year. The Income Tax Provision can be made on a monthly or quarterly basis and the…

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Interest Sec. 234A, 234B & 234C for FY 2019-20 of Income Tax Act – Excel Download

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Interest under Section 234A, 234B, and 234C levis under Income-tax Act, 1961. Download the Free Excel calculator for calculation of Interest under section 234A, 234B, and 234C of Income Tax Act from the below link. The file is updated with sample data. Section 234A: Apply for the delay in furnishing of the income tax return in the time of before due date. Interest is payable only if the return is filed after the due date. Section 234B: Appy for non-payment / short payment of Advance Tax. Income Tax is to…

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Accounts Payable | Procure to Pay (P2P)

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accounts payable | procure to pay

What is Account Payable (AP)? What is Procurement to Pay (P to P process)? Accounts payable or Procure to Pay is a part of accounting that is involved with paying the invoices of a company, payable to the suppliers or vendors. The majority of the job openings are for Accounts payable or P to P. That is because this type of job is very important to a company. There is a demand for account payable jobs and there is no sign of this diminishing in the future. If you are…

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Relief under Section 89 (1) on Arrears of Salary – Excel Download

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arrears of salary, relief under section 89

Normally Salary is received when it gets due. But sometimes in a year the Arrears of Advance salary may be received & gets Taxed in the year of receipt. In such a case, Section 89 (1) provides to claim Tax Relief on the Arrears of Salary received in the current year, which does not pertain to the current year. Form 10E should be filled online before filing the Return of Income. Example: Salary received in FY 2019-20 along with Arrears. The entire current year’s salary plus arrears of salary gets…

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Income Tax Calculator for FY 2019-20 (AY 2020-21) – Excel Download

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This is an Income Tax Calculator India for the FY 2019-20 (AY 2020-21) and can be downloaded in Excel format. This calculator calculates Income from.. Salary, Pension, House Property (1 SOP & 2 LOP) along with Set off & carry forward of loss therein, and Other Sources. This is useful for all Individuals, viz. Normal Citizen, Senior Citizen & Very Senior Citizen. Click below to download an Excel calculator. Income Tax calculator Monthly tabulation of Salary Data, for Income Tax calculator on Salary & for Income Tax calculator on Pension.…

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