Depreciation | Meaning and its Greed for use

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Depreciation

What is Depreciation? When an entity acquires a Capital Asset, it will be a Balance Sheet Item. There is wear and tear of an Asset in use and results in a reduction in the value of the same. The deduction is in the form of Depreciation and is available over the life of that respective Asset. The deduction is allowed in the form of allowance every year, called Depreciation. In brief, depreciation is a Capital Allowance towards Fixed Assets and allowed as a deduction from the Revenue/Income before arriving at…

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Cash Flow Statement

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Cash Flow Statement

What is a Cash Flow Statement? It is also a financial statement that shows an inflow and outflow of Cash and Cash Equivalents. A Cash Flow statement is like a tool in the hands of users to know the sources and uses of Cash and Cash Equivalents of an enterprise over a period of time from various activities of an enterprise.   Methods of calculation of the Cash flow statement. ⇒ Direct Method of calculation of cash flow statement The company receives & pays the cash in day-to-day business. The…

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Tax Audit | Future and Options Trading

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Tax Audit - F&O Transactions

What is Tax Audit and Future and Options Trading? Tax Audit is defined under section 44AB of the Income Tax Act. Click here for the full text of this section. Future and Options Trading is also called derivative Trading. Please click here for a brief explanation. Every Trader trading in Future and options is been told to get his accounts audited before filing his Income Tax returns. I saw some traders are not filing the Income Tax returns in case of Losses & lose the benefits of carrying forward of…

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Income Tax Refund Status

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Status of Income Tax Refund

How to check the Income Tax Refund Status?   With the link given in the below post, you can check the status of the Income Tax Refund. The income tax return filed may be with the refund or without the refund claim. When the return gets processed, an assessee gets an intimation thereof. If there is a refund claim in the calculation, it will not get credited to the given Bank account of an assessee. But sometimes you won’t be knowing the status thereof. Sometimes when you file a return of…

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Deposit Interest Calculator

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Deposit Interest Calculator

Calculation of Interest on Fixed deposit is made easy with this Free Deposit Interest Calculator. You can use this for calculating the interest on multiple deposits for self-use. For making an Interest Accruals as on 31st March every year also, this calculator can be used. The file contains an example of sample calculations. The base of Deposit Interest Calculator : Normally in Banks, FD Interest / Interest on Fixed Deposit gets compounded on a quarterly basis (June, September, December, and March). The example is also given on the same principle.…

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Write off | Write off debt

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Write off

What is Write off? In simple, Write off is a process of reducing non-recoverable balance lying on the Asset Side of the Balance Sheet. The write-off in Accounting will happen by Debiting the Expense & Crediting underlying Assets, of which value is getting reduced. Write off Debt In Business / Profession, several transactions took place in regard to Purchase & Sales. Usually, the Sale of Goods or Supply of Service is on credit. All the Credit Sales are recorded as Receivable on the Asset side of the Balance Sheet.  In…

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What is Share | Share Trading | Futures and Options Trading

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what is share

What is Share A Share is an instrument in the form of a Share Certificate. A Share is a Share in the Share Capital of the Company. And a person holding a Share is a Member/Stake Holder of that Company. The Shares are traded in the Share Market, viz. BSE, NSE, NYSE, etc. Company issue shares initially in Initial Public Offer (IPO) as a public offer. It is also called a Primary Market. Sometimes company requires additional share capital issue shares again. Since this issue is not a 1st-time issue…

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Income Tax Calculator for FY 2021-22 (AY 2022-23) – Free Excel Download

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Income Tax Calculator

The Income Tax Calculator FY 202-22 (AY 2020-21) is in Excel and is available Free for download. It calculates the tax on, Income from Salary Income from Pension Income from House Property Income from Other sources (Interest, Dividend, etc.)   Click below to download the Free Income tax refund calculator FY 2021-22 in excel free. Income Tax Slab for FY 2021-22 for Tax computation in Income Tax Calculator briefed below. The new regime of taxation is introduced from FY 2020-21, which is optional to an Assessee. In Option / alternative…

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