Income tax slab for Financial Year 2018 – 19

The below given income tax slab is applicable for financial year 2018 – 19 and assessment year 2019 – 20. Income tax slab for financial year 2018 -19 & assessment year 2019 – 20 (Amounts are in Indian rupees) For Men and Women: Rate Men Women Exemption limit Up to 2,50,000 Up to 2,50,000 5% […]

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Accrued Expense – Definition & Example

Accrued expense is an expense that has been incurred but has not yet been paid. Put it in simple words, payment for these expenses are done after the product or service is taken. For example, salaries & wages, interest on bank loan, income tax etc. Contrary to prepaid expense, an accrued expense is treated as […]

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Deferred Expense – Definition & Example

Deferred expense (also known as prepaid expense) is the cost which has been incurred but the product or service has not yet been received or consumed. As this is the cost for advance payment, this is treated as current assets (If the underlying goods or services are expected to be taken within a year) on […]

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Deferred Revenue – Definition & Example

Deferred revenue (also known as unearned revenue) is the income which has been received but the product or service has not yet been delivered to customer. As this is the amount which has been received in advance, this is treated as current liability (If the agreement is to provide goods/ services within a year) and […]

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Gross profit – Meaning & Formula

Gross profit also known as gross income is the excess of net sales over cost of goods sold. Put it simple, gross income is the difference between net revenue (net sale) and cost of goods sold. Gross income accounts for operating expenses, interests and taxes. Formula for the calculation of gross profit: Gross income = […]

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