Depreciation Rate Chart

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Cash flow statement and its usefulness

MANU CONVERSATION BETWEEN MANU AND VINU ABOUT CASH FLOW STATMENT AND ITS USEFULNESS VINU ManuHi Vinu! How are you? VinuFine Manu! ManuHow is your Financial Analysis Job going on? VinuManu, now I am in the process of analysing Financial Statements of a particular customer. His Financials vis-a-viz reality is taking me for a ride! ManuWhy? What’s the problem? VinuHe...

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Service tax adjustment and refund

Every  one of us is already trying our level best to understand the Service Tax provisions, but it is really difficult to cover up all that is written in the Finance Act. Let’s get started: Question 1: What all are the cases where adjustment of service tax is possible? What are the possible solutions in hand? What is the time limit to adjust such service tax? Answer 1: In the following cases the adjustment of service tax is possible: 1....

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INPUT TAX CREDIT UNDER TAMIL NADU VALUE ADDED TAX ACT, 2006

INPUT Input means any goods including capital goods purchased by a dealer in the course of his business. INPUT TAX Input tax means the tax paid or payable under this Act by a registered dealer to another registered dealer on the purchase of goods including capital goods in the course of his business. OUTPUT TAX Output tax is tax collected on sale of goods from the buyer. This tax is calculated by applying the rate of tax on taxable turnover...

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Meaning of Debit Note & Credit Note

This Article contains Detailed Information about Debit Note & Credit Note Debit note is a note sent by one party to another informing him that his account is debited in the sender's book. e.g. P (Purchaser) Purchased goods from S (Seller) Books of PBooks Of S Purchase A/c Dr.  To S A/c (Being goods purchased)P A/c Dr. To Sale A/c (Being goods sold) P -------->...

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How do Internal Controls manifest in an Organization?

I like to explain Internal Controls using 5 “P”s. They are Policies, Processes, Procedures, Practices and you can guess the 5th“P”. Otherwise, you will find it in one of the following paragraphs. While all these “P”s serve various purposes, our focus is on their relevance to Internal Controls, and how an Internal Auditor could use them in the discharge of his / her duties. Policies Policies are an important means of communication, used by...

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