Centralized Workspace: NetSuite Account Reconciliation provides a centralized workspace for managing all aspects of the reconciliation process. This includes features and tools designed to enhance visibility, collaboration, and control over the reconciliation tasks. Automation of Manual Processes: The platform aims to automate time-consuming and manual reconciliation processes. By leveraging automation, businesses can achieve more accurate… Continue reading NetSuite Account Reconciliation
Author: Sherin Jose
Liquidation of the companies
Liquidation of a company refers to the process of winding down its operations, selling its assets, and distributing the proceeds to creditors and shareholders. This typically occurs when a company is insolvent or decides to cease its business activities. The process of liquidation can be voluntary, initiated by the company’s management or shareholders, or it… Continue reading Liquidation of the companies
Investment accounting in corporate
Investment accounting in the corporate context involves the recording, management, and reporting of various investments that a company holds. These investments can take various forms, including stocks, bonds, mutual funds, real estate, and other financial instruments. The accounting treatment for these investments depends on the nature of the investment and the accounting standards followed by… Continue reading Investment accounting in corporate
TDS
Tax Codes and Tax Groups: NetSuite allows you to set up different tax codes and tax groups, including those specific to TDS. This enables you to define various TDS rates and associate them with appropriate transactions. Tax Calculation: NetSuite supports automatic tax calculations, which can include TDS calculations based on predefined rates. This ensures accurate… Continue reading TDS
Deductions to be made from gross total income while computing total income
In India, individuals are eligible for various deductions while computing their total income. These deductions help reduce the taxable income, resulting in a lower tax liability. The deductions are provided under different sections of the Income Tax Act, 1961. As of my last knowledge update in January 2022, here are some common deductions available to… Continue reading Deductions to be made from gross total income while computing total income
Capital gains
In India, capital gains tax is governed by the Income Tax Act, 1961. The taxation of capital gains is specified in Sections 45 to 55 of the Act. Here’s an overview of the key provisions related to capital gains: Definition of Capital Asset (Section 2(14)): The term “capital asset” is broadly defined to include property… Continue reading Capital gains
Income from salaries
In India, taxation of income from salaries is governed by the Income Tax Act, 1961. The provisions related to the taxation of salary income are outlined in Sections 15 to 17 of the Act. Here’s a brief overview: Section 15 – Definitions of Salary: This section defines what constitutes “salary” for the purpose of income… Continue reading Income from salaries
Computation of book profit in income tax according to Indian tax
In India, the computation of book profit for income tax purposes is primarily relevant for companies. Book profit is calculated under Section 115JB of the Income Tax Act, 1961. The provision is applicable when the regular income tax payable by a company is less than a certain percentage of its book profit. Here’s a simplified… Continue reading Computation of book profit in income tax according to Indian tax
Business Incubation and Incubator
Business incubation is a process that supports the development and growth of new and startup companies by providing them with various resources and services. Business incubators are organizations or programs that offer these services to help entrepreneurs and early-stage businesses overcome challenges and increase their chances of success. Here are key concepts related to business… Continue reading Business Incubation and Incubator
Significance of CPM and PERT
Critical Path Method (CPM) and Program Evaluation and Review Technique (PERT) are both project management techniques used to plan, schedule, and control projects. While they share similarities, they also have key differences. Here’s an overview of the distinctions between CPM and PERT: Focus on Time: CPM (Critical Path Method): CPM is primarily focused on the… Continue reading Significance of CPM and PERT