Extraordinary items Extraordinary items are income or expenses that arise from events or transactions that are clearly distinct from the ordinary activities of the enterprise and, therefore, are not expected to recur frequently or regularly. Some Examples of Extraordinary items like Loss due to Floods, Fires, Earthquake etc.  Exceptional items The term ‘Exceptional items’ is […]

A journal voucher and a general journal are both accounting tools used to record financial transactions, but they serve different purposes and have distinct characteristics: In summary, the main difference between a journal voucher and a general journal lies in their purpose and usage. The general journal is a formal record of all types of

Introduction: Tax Deducted at Source (TDS) is a mechanism introduced by the Income Tax Department to collect tax at the source itself, ensuring a steady revenue stream for the government and preventing tax evasion. TDS applies to various types of payments made by individuals, firms, or companies and plays a crucial role in the overall

If the movement of goods is taking place and its value exceeds INR 50,000, then even if it is not a supply/sale, it is still necessary to generate an e-way bill. For example, if a car showroom owner is transporting their demo vehicle from one place to another, in this case, it is not a

Penalties related to fake invoices and GST are governed by the Central Goods and Services Tax (CGST) Act, 2017. The specific section that deals with penalties for issuing fake invoices is Section 122 of the CGST Act. Under Section 122, if a person is found guilty of issuing fake invoices or engaging in any fraudulent

भारत में, जाली चालान और जीएसटी से संबंधित दंडों का प्रबंधन केंद्रीय वस्तु एवं सेवा कर (सीजीएसटी) अधिनियम, 2017 द्वारा किया जाता है। जाली चालान जारी करने के लिए दंड से संबंधित विशेष धारा है सीजीएसटी अधिनियम की धारा 122। धारा 122 के तहत, यदि किसी व्यक्ति को जाली चालान जारी करने या किसी भी