Complete Tax Solution

👉Income tax has recently started issuing notices to the non-filers as well as mis-filers of income tax return who trade on recognized stock exchanges. Assesses are also not clear on accounting as well as tax treatment of transactions done on the exchanges. 👍This article may help you to do proper tax treatment whenever we have transactions related to stock, currency or commodity exchanges.. 🌴But before going into the taxation part, first it is important to understand what type of share trading activity one is indulged in: 🌴Investing, Trading – It can be further classified into: Intraday trading: – Trading in spot market (Cash Market) & Squaring off the position in that day only Delivery based trading: – Trading in spot market (Cash Market) & squaring them at a later date. Trading in Derivatives: – Trading in Futures & Options (Calls & Puts). 👉Income tax department clarifies that these transactions are ...

💭 *FiLL D* *C*olumn *D*ate of arrival🛬 *D*ate of departure🛫 for *E*evening *F*light✈ *MNR & PNR*💭 🏠 *F* Fixed Assets 🏗 *I* Inventory 💸 *L* Loans 189 💰 *L* LiGs 👥 *D* Deposit from Public 📑 *C* Cost Records 👮🏻 *D* Statutory Dues🛬 🔫 *D* Repayment of Dues🛫 🔚 *E* End use of Funds ✈ *F* Fraud 👑 *M* Managerial Remuneration 💁🏻 *N* Nidhi Co. 👨‍👩‍👧 *R* Related Party Txn 😍 *P* Preferential Allotment 🏝 *N*on Cash Txn 🏦 *R* RBI Registration *Fwd to all* 😊

Government accountants and auditors work in the public sector to maintain and examine the records of government agencies and also to audit private businesses and individuals who pay taxes. Government accountants also audit entities subject to other government regulations, such as businesses providing contract services to the government or organizations receiving government grant money. The goals of federal, state or municipal government agencies when applying the principals of accounting are different from the private sector's main business objective of earning profit. Budgets are among the most important considerations in government accounting since government agencies and other recipients of government money are fiscally accountable to tax payers and must demonstrate compliance with the intended uses of budgeted resources. Federal Accounting Standards Advisory Board (FASB) | Government Accounting Standards Board (GASB) Two independent, private sector boards set the generally a...

In the days following the collapse of Lehman Brothers and Bear Stearns, the one thing financial examiners seemed to agree on was that the cause was, at least in part, a failure to implement or respond to proper internal auditing practices. Although what's come to light reveals a much more complex and systemic series of failures, it's clear that if the basic tenets of internal auditing had been put into practice and internal controls respected, the firms would not have exposed themselves to such unreasonable risk. The Institute of Internal Auditors (IIA) is the foremost international professional association for internal auditing. The IIA's globally accepted definition of internal auditing states that: "Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and impro...

Management accounting involves collecting, analyzing, and presenting financial information used to help company management make sound business decisions. This would include everything from providing detailed financial statements for different divisions within a large company, to analyzing the financial impact of a potential expansion or business acquisition. Management accounting is at the center of almost every significant business decision made. Management accountants are called upon to assess whether a company’s current products and processes are still viable. By comparing data on the projected profits generated by a line of business against the cost of shutting it down, management accountants can determine if operations should be discontinued. In this scenario, a comprehensive analysis would involve consolidating human resource data to assess the costs of potential layoffs, and using data from engineering and marketing to decide whether a new product needs to be added to the...

Public accountants provide services to a wide variety of clients that include individual taxpayers, large businesses, government agencies, non-profits and educational institutions. The services performed by public accountants generally fall within three categories: Accounting and auditing services  that involve maintaining financial records and preparing and auditing financial statements for use by outside investors and banks. Tax services  that involve the preparation of tax returns as well as advising clients on tax deductions, tax planning, and other tax-related issues. Consulting services , which can involve financial planning services for individuals as well as business consultation services to help management design, develop and implement accounting systems and employee compensation packages. External Auditing and Attestation The primary function of public accountants and public accounting firms is to conduct external audits of balance sheets, income statements, quar...

The Distinction Between Public Accounting and Private Accounting The best way to understand the distinction between public accounting and private accounting is to think of public accountants as "external" accountants and private accountants as "internal" accountants. The most substantive criteria in determining public vs. private accounting has to do with who is ultimately served by the work being performed by the accountant. If the work is being performed strictly for the benefit of a specific company, it is safe to conclude that this is a function of private accounting. If the work being performed is done to satisfy regulatory requirements for transparency, then this can be said to be public accounting. A Distinction Made Based on Employer Public accountants and public accounting firms are not employed solely by any one client, and as such they are not part of the client's business or corporate structure. Private accountants, on the other hand, work for th...