Overview of Depreciation
Depreciation is the systematic reduction in the recorded cost of a fixed asset. Examples of fixed assets that can be depreciated are buildings, furniture, leasehold improvements, and office equipment....
View ArticleDepletion Method or diminishing method
Depletion is the annual charge for the use of natural resources. In order to compute depletion, it is first necessary to establish a depletion base, which is the amount of the depletable asset.The...
View ArticleStraight Line Depreciation
Under the straight line depreciation method, recognize depreciation expense evenly over the estimated useful life of the asset.Formula:a. Compute the straight-line depreciation rate...
View ArticleIndian Accounting Standards
Accounting is the art of recording transactions in the best manner possible, so as to enable the reader to arrive at judgments/come to conclusions, and in this regard it is utmost necessary that there...
View Articleintroduction of service tax in india
Service tax is a tax levied on service providers in India, except the State of Jammu and Kashmir.For a complete study on Service Tax the following are available:Introduction to Service Tax in...
View ArticleServices covered under Service Tax
Service Tax:It is a tax levied on the transaction of certain specified services by the Central Government under the Finance Act, 1994. It is an indirect tax, in which normally the service provider pays...
View ArticleService Tax - Rates
At present, the rate of Service Tax is 12%, payable on the "gross value of taxable service". In addition to this, Education Cess is payable at the rate of 3% on the Service Tax amount. (2% P.EC &...
View ArticleService Tax - Registration By a Service Provider
Registration under Service Tax law Every person providing a taxable service of value exceeding Rs. 7 lakhs, is required to register with the central excise or service tax office having jurisdiction...
View ArticleRegistration By a Service Provider
Registration under Service Tax lawEvery person providing a taxable service of value exceeding Rs. 7 lakhs, is required to register with the central excise or service tax office having jurisdiction over...
View ArticleService Provider and a Service Receiver
Service Provider and a Service Receiver:One who provides services or one who renders service to others is Service Provider, and one who receives services from these service providers is called a...
View ArticleValue of Taxable Services in service tax
Value of taxable service:The "value of taxable service" means, the grossamountreceived by the service provider for the taxable service provided or to be provided by him.The valuation of taxable service...
View ArticleServices exempted from Service Tax
Services exempted from Service Tax:Some general exemptions are provided in respect of:Services provided to the United Nations; Services to units in and developers of Special Economic Zones; Services...
View ArticleService Tax - Billing and Payment
Billing:Issue of Invoice/Bill by a Service Tax assessee is mandatory as per Rule 4A of the STR, 1994. The same should be issued within 14 days from the date of completion of taxable service or receipt...
View ArticleService Tax Books of Accounts and Records to be maintained
Under every tax law, there is necessity to maintain proper books, records and accounts that will facilitate the assessment and collection of duty as stipulated under the law.Every person providing...
View ArticleService Tax Filing of Returns
Returns a service tax assessee has to file:ST-3 Return– For all the registered assessee, including Input Service Distributors.Procedure for e-filing:File of an application to the jurisdictional...
View ArticleService Tax Rules and Forms
Service Tax Rule:Every person liable for paying the service tax shall make an application, in FormST-1 for registration within a period of 30 days from the date on which the service tax is levied.Every...
View ArticleService Tax List of Services
Sl.NService CategoryDate Of introduction 1 Advertising 01.11.1996 2 Air Travel Agent 01.07.1997 3 Airport Services 10.09.2004 4 Architect 16.10.1998 5 Asset management (by other than Bankingcompany)...
View Articlewhat is cash profit and how to define it ?
U know about accural basis and monetary basis. accural basis means every transaction which are done 1 financial year are entered and cash basis means every sales which are form in cash are enter. book...
View ArticleClassification of Errors as per Accounting
Error of ommission Error of commission Error of dulplicationError of principle
View ArticleWhat is mutual funds
MUTUAL FUNDS: It means "collects the savings from smallinvestors and invest them according to certain investmentobjectives"
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