ACCOUNTING CONCEPTS
Accounting is very old concepts - as old as money. A description of proper keeping Accounts is also found in "Arthashastra" written by Kautilya. However, it has developed with the passage of time to meet the requirement and challenges of ever growing city. The modern day Accounting Concepts based of double entry system was originated by Luco Pacioli in Italy.
Though the Accounting Concepts is very old, in recent times it has acquired special significance because of rapidly growing economy, cu-throat competition, expanding market and increasing production and changes in technology.
Accounting concepts tells us to recording, classifying and summarising.
Branches of accounting:- The main function of accounting is its Cost Accounting.
→Cost Accounting:- Cost accounting is a type of accounting process that aims to
capture a company's costs of production by assessing the input costs of each
step of production as well as fixed costs such as depreciation of capital
equipment. Cost accounting will first measure and record these costs
individually, then compare input results to output or actual results to aid
company management in measuring Financial Performance.AUDIT
An audit is a systematic and independent examination of
books, accounts, statutory records, documents and vouchers of an organisation
to ascertain how far the financial statements as well as non-financial
disclosures present a true and fair view of the concern. It also attempts to
ensure that the books of accounts are properly maintained by the concern as
required by law. Auditing has become such a ubiquitous phenomenon in the
corporate and the public sector that academics started identifying an
"Audit Society". The auditor perceives and recognises the
propositions before them for examination, obtains evidence, evaluates the same
and formulates an opinion on the basis of his judgement which is communicated
through their audit report.
Any subject matter may be audited. Audits provide third
party assurance to various stakeholders that the subject matter is free from
material misstatement. The term is most frequently applied to audits of the
financial information relating to a legal person. Other areas which are
commonly audited include: secretarial & compliance audit, internal
controls, quality management, project management, water management, and energy
conservation.
INCOME TAX
An income tax is a tax imposed on individuals or entities
(taxpayers) that varies with the income or profits (taxable income) of the
taxpayer. Details vary widely by jurisdiction. Many jurisdictions refer to
income tax on business entities as companies tax or corporate tax. Partnerships
generally are not taxed; rather, the partners are taxed on their share of
partnership items. Tax may be imposed by both a country and subdivisions. Most
jurisdictions exempt locally organized charitable organizations from tax.
Income tax generally is computed as the product
of a tax rate times taxable income. The tax rate may increase as taxable income
increases (referred to as graduated rates). Taxation rates may vary by type or
characteristics of the taxpayer. Capital gains may be taxed at different rates
than other income. Credits of various sorts may be allowed that reduce tax.
Some jurisdictions impose the higher of an income tax or a tax on an
alternative base or measure of income.Steps to file ITR 1 Online:
Prepare and Submit ITR1/ITR 4S Online
You have the option to submit ITR 1/ITR 4S forms by
uploading XML or by online submission
- Login to e- Filing application
- Go to 'e File' 'Prepare and Submit ITR Online'
- Select the Income Tax Return Form ITR 1/ITR 4S and the assessment year.
- Fill in the details and then click the submit button
- After submission, acknowledgement detail is displayed.
- Click on the link to view or generate a printout of acknowledgement/ITR V form
