The POS (point-of-sale) system allows customers to do the transaction digitally and keep track of sales transactions, inventory transactions, and provide a receipt to the customers. POS systems can also keep track of the customer's history and provide a clear report on customer activities. It allows management to get an instant report on sales, purchase, and stock. The POS system is an integrated thing of hardware and software.The use of the POS systemGenerally, a skilled range is … [Read more...] about POS System – Your Digital Accountant
Accounting & Taxation
Do You Get Tax Deductions When You Donate a Car in Utah?
Utah is well known for its enticing national parks, the Sundance film festival, and is an excellent place for practicing paleontology. Also, the people of Utah are known as one of the most generous people in the United States. They all strive for fundraising initiatives, such as charity, through car donations.People donate a car in Utah for a variety of noble causes and charitable purposes, including relief to patients who can’t afford costly treatments. It’s not wrong to say that people … [Read more...] about Do You Get Tax Deductions When You Donate a Car in Utah?
Chartered Accountants are helping businesses grow: Here is how
Chartered accountant firms are helping businesses grow all throughout the world. With their impeccable accounting and financial knowledge, they are reshaping old businesses and helping build new businesses. CA firms have been quite effective in providing consultation services in various areas of businesses like strategy, accounting, resource management, etc. If you think you are credible with strategic financial planning and analysis, CA firms are your way forward.Chartered accountants go … [Read more...] about Chartered Accountants are helping businesses grow: Here is how
Canon of Taxation
According to Phillips Hardwick, “Taxes are compulsory transfers of money from private individuals, groups or institutions to the Government.”Comprehensive DefinitionTax is a compulsory amount levied by the state on its individuals to meet the development and non-development expenditures of government.ndividuals can not demand any social benefits by paying these payments.Though taxation provides funds to the Govt. on one side and it curtails consumption and investment spending on … [Read more...] about Canon of Taxation
Types of Taxes
Basically there are two types of taxes i.e. direct taxes and indirect taxes. However, there are further types of direct and indirect taxes. A brief list of both the major taxes is as under:Types of Direct TaxesProportional taxesProgressive taxesRegressive taxesDigressive taxesTypes of Indirect TaxesSpecific taxesAdvalorem taxesValue added taxesDirect TaxesThe taxes for which the burden of taxes cannot be transferred, are called direct taxes. According to H.Dalton, “A … [Read more...] about Types of Taxes
Importance of Accounting in Business
Accounting refers to the systematic and comprehensive recording of financial transaction of business. Accounting Information is vital to many stakeholders in economic decision making.Example of stakeholders who use accounting information includes management, government, shareholders, suppliers, tax authorities etc. Business accounting help in making strategic and tactical decision making that help business to grow or penetrate in markets.Need for AccountingAccounting help management … [Read more...] about Importance of Accounting in Business
How to Calculate Depreciation Expenses – Examples Included
The term depreciation has no specific definition under the Income Tax Ordinance, 2001. However, we may understand its concept through general meanings given in accountingFor Example"A decrease in the value of an asset through normal wear and tear, or obsolescence is called depreciation"In other words, “depreciation is the process of allocating the cost of a depreciable asset over its estimated useful life by applying the rate specified in Part-1 of the Third Schedule of the Income … [Read more...] about How to Calculate Depreciation Expenses – Examples Included
Carry Forward Losses & Set off Losses
Set Off of Losses are The adjustment of losses from one head against the income, profits or gains of any other head of income during the same tax year is called set-off of losses.Carry Forward of Losses are The losses are not fully adjusted against the income of the same tax year and such losses are transferred to the next tax year, this process of transferring un- adjustable losses to the next year is known as carry-forward of losses.Now the question arises, whether such adjustment of … [Read more...] about Carry Forward Losses & Set off Losses
How to Get NTN Number in Pakistan
All of us think the same when we plan to start our business. We must register our business to be safe but how can we have NTN (National Tax Number) ?When I was a university student and planning to start my business after completion, I had the same confusion with very little information regarding Business Registration in Pakistan (expect basics studied in university). Somehow, people manage to run an unregistered business but in the broader sense, non registered businesses and … [Read more...] about How to Get NTN Number in Pakistan
Importance of Zakat
The only reason for the importance of Zakat is that it is an important pillar of Islam. Different scholars may have different definitions of Zakat but in simple words, "Zakat is Purification of money". Zakat is due after 1 year of keeping the asset. These assets include everything excess from your needs.Zakat is totally different as the tax is imposed by National Govt but Zakat is part of belief in Islam. Every country imposes different types of taxes depending upon the economic condition … [Read more...] about Importance of Zakat