Meaning of Debit Note and Credit Note and use in GST

Meaning of Debit Note Debit Note is a document/voucher given by a party to other party stating that such other party’s account is debited in the books of sender. For example: A trader “ABC” purchases goods from “XYZ”. After receiving the material, ABC founds that the goods contain some defective

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What is Depreciation? Meaning, Methods, Calculations

What is Depreciation? Depreciation is the reduction in the value of assets due to wear and tear. Every asset is subject to wear and tear in the ordinary course of its use and also with the passage of time. The cost of the asset is allocated over time and considered

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National Skills Registry (NSR)

What is National Skills Registry (NSR)? National Skills Registry is a scheme undertaken by NASSCOM, which is an head authority for all the IT / ITeS / BPO companies in India. NSR is an online database operated and maintained by National Database Management Limited (NDML) comprising furnished details of prospective

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Professional Tax in India

Professional Tax is a state level tax levied by State Governments. It is applied to individuals, who is earning by way of salary income or practising a profession such as CA, CS, lawyer, doctor, architect, engineer etc. Currently, this tax is applicable in Andhra Pradesh, Assam, Bihar, Goa, Gujarat, Jharkhand,

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Partnership Act, 1932 – Important Points

Applicability This act applies to the whole of India except the state of Jammu and Kashmir. Formation The relationship of partnership arises from contract and not from status. The members of a Hindu Undivided Family carrying on a family business as such are not partners in such business. Where no

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