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Income Tax Learning

Income Tax for Self EmployedEvery Indian citizen is required to pay an income tax if he earns an income. An income generating entity is called an assessee which, under Section 2 (7) of the Income Tax Act, 1961, is defined as a person or entity by whom any tax or any other sum of money is payable under this Act. Assessee includes the following –Salaried individualSelf-employed individual or a proprietor of a sole-proprietorship businessHindu Undivided FamilyPartnership firmLimited Liability Partnership (LLP)A company which has been registered with the Registrar of CompaniesSEE DETAILS


 Accounts payable management is one of the important business processes that help in managing payable obligations of the entity in the most effective manner. Accounts payable is the amount that the entity has to pay to its suppliers or vendors on the account of goods and services received. It means that after giving orders of goods and services by the entity, the firm should record a liability in its books of accounts on the basis of the invoice amount before making the payment. So this liability of the entity overSEE DETAILS