What is Depreciation? In accounting terms, depreciation is defined as the reduction of the recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible. An example of fixed assets are buildings, furniture, office equipment, machinery etc. The land is the only exception that cannot…
At ProfitBooks, we are committed to make taxation simple for small business owners in India. Since GST is set to replace various indirect taxes, we have started this series on frequently asked questions on GST. This article is next in this series. Earlier, we had covered common questions on GST and GST registration process. In this…
At ProfitBooks, we are committed to make taxation simple for small business owners in India. Since GST is set to replace various indirect taxes, we have started this series on frequently asked questions on GST. This article is next in this series. Earlier, we had covered overview of GST tax and common questions around it. We…
Inventories are the largest current asset of any business. Businesses are often confused about FIFO Vs LIFO. Ideally, there are two inventory valuation methods or accounting methods: LIFO (Last-in, first-out) and FIFO (First-in, first-out). These are two mostly used inventory methods for record keeping that are feasible on accounting standards. Inventory accounting assigns values and…
At ProfitBooks, we are committed to making taxation simple for small business owners in India. Since GST is set to replace various indirect taxes, we have started this series on frequently asked questions on GST. This article is third in this series. Earlier, we had covered common questions on GST and exemptions in GST. In this…
At ProfitBooks, we are committed to make taxation simple for small business owners in India. Since GST is set to replace various indirect taxes, we have started this series on frequently asked questions on GST. This article is second in this series. Earlier, we had covered overview of GST tax and common questions around it. Business…
At ProfitBooks, we are committed to make taxation simple for small business owners in India. Since GST is set to replace various indirect taxes, we are going to start this series on frequently asked questions on GST. This article is first in this series. Please feel free to share your thoughts or questions in the…
Certain things just don’t mix well — like a good scotch and soda, like Rajnikant and Laws of Physics, like Rahul Gandhi and politics and like your personal finances and your business’s. Keeping these things separate not only helps you reduce problems, it also greatly simplifies things and makes it easier to manage your finances.…
ProfitBooks offers the simplest way to create professional invoices. However, creating and sending an invoice to your customer is a job half done. Most of our users tell us that it takes them average 18 days to receive money once the invoice is sent. So, to solve this problem, we had integrated Instamojo payment gateway with…
What is TDS? Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where the person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment. As the…
