Statutory Residence Test, SRT, allows expats to work out UK residence status for a tax year. Find out if you need to pay UK income or capital gains tax
Running payroll in India can be overwhelming. There are so many components, like CTC, Basic, HRA, TA, DA, EPF, Income Tax, Form-16 and so on. It is easy to miss out on a fine detail and be non-compliant, a must-avoid situation. Which is why we bring you this complete guide to...
A balance sheet detailing an organisation’s financial assets and liabilities and breaking down shareholder equity An income statement, or profit and loss statement, showing annual revenue, expenses and net results after taking deductions from revenue A cash flow statement that maps out operating, inve...
Like the copayment, coinsurance is one of the ways the consumer and the insurance company split the healthcare costs. Unlike copayment, coinsurance is not a fixed amount, but rather it is a fraction of the total costs. And the percentage remains the same regardless of the service. How Coin...
Form 16 is a document issued by the employer and contains the required information to prepare and file income tax returns. This document needs to be given every month on or before June 15 of next year. Reimbursements Reimbursement is the amount paid by the employer to an employee for the of...
As noted earlier, statutory employees typically work for one company, which makes them a little different from independent contractors. These individuals offer their services to businesses and other people. They are oftenself-employed. As such, they are fully responsible to pay their own income taxe...
In Tally.ERP 9, you can create a pay head for PF, ESI, NPS, professional tax, income tax, and other deductions.
The VECM has been applied to study the direction of the causal relationship between income and expenditure of the CPCB. The result suggested stationarity of total income and expenditure at the first difference and second difference. There is a unidirectional causal relationship among variables that is...
Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised...
Tax Audit - It is an examination of the tax return by the Internal Revenue Service (IRS) to verify that the income and deductions are accurate. A tax audit is done when the IRS chooses to examine the tax return more closely and to verify that income and deductions are accurate. Company ...