Tax Deducted at Source (TDS) is a system introduced by the Income Tax Department, where a person responsible for making specified payments, such as salary, commission, professional fees, interest, rent, etc., is liable to deduct a certain percentage of tax before making the payment to the receiver. The deducted tax is then required to be deposited to the government exchequer within the specified due dates. Filing TDS returns is a quarterly statement submitted by the deductor to the Income Tax Department. It provides details of the TDS deducted and deposited by the deductor. In this article, we will guide you …
The Accounting Standards Codification (ASC) 360, issued by the Financial Accounting Standards Board (FASB), governs the accounting treatment of fixed asset impairment for companies in the United States. Compliance with ASC 360 requires organizations to accurately account for fixed asset impairment, perform impairment tests, and provide transparent financial reporting. Accounting software can play a crucial role in ensuring ASC 360 compliance by automating fixed asset impairment accounting processes and providing real-time data insights. This article will discuss how organizations can leverage accounting software to ensure their ASC 360 compliance and the key benefits of implementing these solutions.
Fixed asset management is an essential aspect of financial management for any business, ensuring accurate tracking, valuation, and reporting of assets. Accounting software can simplify and streamline fixed asset management, providing businesses with better control over their financial resources. In this article, we will explore how accounting software can help organizations manage their fixed assets more effectively, along with tips for selecting the right software solution.