Income Statement – Definition, Structure, How to Read and Use it?

A profit and loss statement is a vital financial document that offers deep and valuable insights into a company’s profitability and financial performance over a particular period.  So, keeping this in mind, let’s explore all about income statements in terms of what an income statement is, its structure, and many more things in detail. What …

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8 Steps Of The Accounting Process

Accounting, also known as the language of business, plays an essential role in any organization. However, it helps companies keep track of their financial health, make strategic decisions, and ensure compliance with various regulations. Regarding this, the accounting process is a fundamental process that every business follows to record its financial transactions accurately. So, keeping …

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Drawings in Accounting: Meaning, How Does It Work, and Its Importance

Accounting is a crucial aspect of any business that offers deep insights into its financial health and overall performance. Regarding this, one fundamental concept in accounting that business owners and stakeholders need to comprehend is “drawings.” In this article, we will explore all about accounting drawing in terms of what are drawings, and many more …

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GST on Construction: All You Need to Know

While GST has created a unified tax structure, complexity persists regarding the applicability of rates, input tax credits, exemptions, and procedural compliance. There is a lack of clarity among developers, contractors, and consumers when it comes to calculating tax liability. This often leads to tax evasion, penalties, or increased costs for home buyers. This comprehensive …

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What is GSTR 2B? Objectives, characteristics, advantages, and how to file it

GSTR 2B, also known as ‘Goods & Service Tax Return 2B,’ is a document issued by the Goods and Services Tax Network (GSTN). It contains comprehensive information regarding the goods and services acquired from registered suppliers. This form holds significant importance for businesses as it aids in aligning their purchase records with their vendors. GSTR …

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