Deferred tax assets (DTAs) arise when a company has temporary differences between its financial accounting income and taxable income, resulting in deductible amounts in future periods. ASC 740, Income Taxes, provides guidelines on the recognition, measurement, and presentation of income taxes, including the treatment of deferred tax assets and the need for a valuation allowance. In this article, we will discuss the concept of a deferred tax asset valuation allowance and provide journal entries to help illustrate the accounting treatment.
Start-up costs are the expenses incurred by a company during the initial stages of its operations. These costs are crucial for businesses as they lay the foundation for future growth and success. In this article, we will delve into the Accounting Standards Codification (ASC) 720-15, which deals with the treatment of start-up costs in financial accounting, and discuss the capitalization and amortization of these costs. We will also provide journal entries to help better understand the process.
GSTR-9 is an annual return that is required to be filed by taxpayers registered under the Goods and Services Tax (GST) regime in India. It is a consolidated return that includes details of all the supplies made and received, input tax credit availed, and tax paid during the financial year.
GSTR-8 is a monthly return that e-commerce operators registered under the Goods and Services Tax (GST) regime in India are required to file. The return consists of details of supplies made through the e-commerce platform, as well as the tax collected at source (TCS) on such supplies. It is important for e-commerce operators to file their GSTR-8 returns accurately and on time, as it enables them to fulfill their obligations under the GST law and avoid any penalties.
GSTR-7 is a monthly return that needs to be filed by taxpayers who are required to deduct tax at source (TDS) under the Indian GST (Goods and Services Tax) system. It is a detailed statement of the tax deducted at source by the deductor, along with the details of the tax deposited with the government.