AS-9 Revenue Recognition
Reading Time: 3 minutes Accounting standard 9 provides the basis on which an entity shall recognize the revenue in the statement of profit and loss. It covers the revenue arising from ordinary business activities.
As per AS 9, “revenue is the gross inflow of the considerations that arises in the course of ordinary activities of an enterprise.
Strike Off Company
Reading Time: 5 minutes Striking off the company name is an alternative mode of dissolution of the company. Strike off means withdrawing the company name from the register of companies. It is similar to the closure or winding up of company.
12A Certificate
Reading Time: 3 minutes The registration under section 12A of the Income Tax Act provides relief to charitable trusts and Not-for-profit organizations from paying tax to the government. Without a 12A certificate,the trust/NGO/societies income are liable to pay tax at normal rates.
Profit In Lieu Of Salary
Reading Time: < 1 minute Profit in lieu of salary are the payments received or due to the employee by the employer in addition to the wages or salary is known as “Profit in lieu of salary.” In income tax act this amount is treated differently. In this article we try to understand the same
Remuneration To Partners
Reading Time: 3 minutes Remuneration to partners is a very crucial and difficult topic both practically and accounting wise. Income tax sets a different criteria for allowable remuneration to partners, It is very important to know the exact calculation of remuneration to both partners and accountants, and in this we discuss the same.
