Thursday 27 November 2014
Monday 27 October 2014
DVAT Update
DVAT dealers provide tax rate wise details of closing stock in hand as on 31st march, 2014 in annexure 1D of Q2 DVAT return of 2014-15 to be filed by 25-10-2014.
NICAI UPDATES
- Due date for filing ST-3 extended from 25th October, 2014 to 14th November, 2014.[Order No. 02/2014-Service Tax, Dated 24th October, 2014].
- CMII of ICAI Invitation for Online Nomination for the ICAI Awards, 2014 to be held on 1st February, 2015 at Hotel Sahara Star, Mumbai, to recognize the achievements of the Members in Industry as Chairmen, Directors, CEOs and CFOs. Visit www.corporateforum.icai.org, last date -10th Nov, 2014, Tel. No. +91 (11) 30110555/526/430, Email: ruchi_gupta@icai.in,
- MCA Public Documents (VPD) service would be disabled between: 27th Oct 2014 - 31st Oct 2014 (09:00 AM – 09:00 PM).
- VAT Filing of online return for 2nd quarter of 2014-15 – extension of period thereof in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexures /enclosures to 10/11/2014. [Circular No. 14 of 2014-15.]
Monday 29 September 2014
Saturday 27 September 2014
E-Filling of Income Tax Return Extended to 30th Nov 2014
CBDT extends return filling due date till 30th November 2014.
CBDT has released the notification.
Order Under the Section 119 of Income Tax Act- 1996
Tuesday 11 February 2014
Accounting Principles, Concepts and Conventions !
The Accounting
Principles, concepts and conventions form the basis
for how business communication are recorded. A number of principles, concepts
and conventions are developed to ensure that accounting information is
presented accurately and consistently. Some of these
concepts are briefly described in the subsequent sections.
Revenue Realization
According
to Revenue Realization concept, revenue is measured as the income earned on the
date, when it is realized. As per this concept, unearned or unrealized revenue
is not taken into account. This concept is vital for determining income
pertaining to an accounting period. It reduces the possibilities of inflating
incomes and profits.
Matching Concept
As per this concept, corresponding of the revenues earned during an accounting period with the cost associated with the relevant period to determine the result of the business concern is carried out. This concept serves as the basis for finding accurate profit for a period which can be distributed to the owners.
Accrual
Under
Accrual method of accounting, the transactions are recorded when earned or
incurred rather when collected or paid i.e., transactions are recorded on the
basis of income earned or expense incurred irrespective of actual receipt or
payment. For example, a seller bills the buyer at the time of sale and treats
the bill amount as revenue, even though the payment may be received soon after.
Golden Rules of Accounting
Real Accounts
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Personal Accounts
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Nominal Accounts
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Debit
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What Comes in
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The Receiver
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Expenses and Losses
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Credit
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What Goes out
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The Giver
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Incomes and Gains
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