TDS on Interest on Securities TDS (Tax Deducted at Source) is applicable when interest is paid on securities like government bonds,...

Section 192A of the Income Tax Act, 1961, regulates TDS on EPF Premature Withdrawals to ensure tax compliance on early withdrawals while...

In our previous article Tax Deducted at Source (TDS) under the Income Tax Act , we explored how TDS functions as a mechanism where tax is...

Tax Deducted at Source (TDS) is a system designed to collect tax directly at the point of income generation. It requires a person,...

In a previous discussion, we explored the classification of journals into several categories. Recording journal entries in accounting...

A journal serves as the primary book of accounts where all business transactions are recorded systematically in chronological order. Each...

We have now reached the practical demonstration of the accounting process. It is crucial to understand how books of accounts are prepared...

The single-entry accounting system is considered incomplete because it does not provide a comprehensive view of a business's financial...

The double entry mechanism in accounting involves recording each transaction in two parts: one account is debited and another is...

The Hybrid Basis of Accounting combines the best features of both the accrual and cash basis methods. The accrual basis ensures accuracy,...

When managing a business’s finances, choosing the right accounting method is crucial. Two of the most widely used methods are the accrual...

The basis of accounting refers to the timing and principles under which revenues and expenses are recognized in the financial records....