Income Statement

What does it mean?    An income statement represents the financial results for a financial body for a specific time period. It may be quarterly, monthly, or annual. It reflects the net profit and loss of organizations and their performance which can help in managing their market value.  Points to remember These statements help businesses […]

Income Tax Return

What is Income Tax Return (ITR)? Income tax return is a statement declaring an entity’s net tax liability, claims of tax deductions and the gross taxable income. All individuals or companies, who earn a certain amount of money or more are required by law to file income tax returns. Points to remember A tax return […]

Input Tax

What is input tax? Input tax is the tax paid by a registered dealer or business on the purchases made under that name. The central tax, state tax and integrated tax levied on the supply of goods or services of the registered person or business is the input tax. GST, SGST and IGST are the […]

Interest Rate

What does it mean? Interest rate is the percentage amount of charge applied to the principal amount by the lender, which means that the total money owed increases to principal + Interest percentage of the principal. The lender can be banks or any financial institutions.  Bank charges can be fixed or variable, it depends on […]