When goods are manufactured on a small scale, the term “cottage industry” is used. The enormous number of ancient cottage enterprises in India is well known. Cottage industries, on the other hand, saw a severe fall with the introduction of industrialisation. The government, on the other hand, has taken steps to revitalise cottage industries, and they […]
Section 68 deals with unexplained cash credit. According to section 68 of the Income Tax Act of 1961, if any sum is found credited in an assessee’s books of accounts for any previous year, and the assessee could not provide any explanation about the source and nature of the sum, or the explanation offered by him […]
Bad debt is one that cannot be collected and is therefore worthless to the creditor. It is usually the result of a bankruptcy filing by a debtor. Bad debts can also emerge when the expense of collecting exceeds the amount owed. As soon as the loan becomes bad, the company should be able to deduct […]
Individuals can claim certain payments as an expense under the rules of the Income Tax Act of 1961 when their income is produced under the heading of profits and gains of business or profession (PGBP). Specific criteria, on the other hand, bind such a tax provision. The provision of Section 43B of the Income Tax Act […]
There are two ways to file income tax returns (ITR): online and offline. In the first approach, you can fill out an online form with all of the essential information and submit it. You must download the corresponding income tax tool in either excel or java format, fill out the form, save your changes, generate […]
Gross working capital is a valuable metric for determining a company’s accessible cash flow inside an organization. As a result, it plays an important role in accounting procedures, assisting both firm owners and financial analysts in making important financial decisions. To guarantee total profitability, however, business owners must implement strategies to effectively manage gross working capital.
Gross […]
