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Dinesh J Shah – CA Firms in Ahmedabad

Dinesh J Shah, Top CA Firms in Ahmedabad, provide services for your business accounting, payroll processing, auditing & advisory services related to direct tax, services tax, and goods tax. Being the best Chartered Accountant in Ahmedabad, we are recognized for our services of the Term Loan, Working Capital Loan, Project Finance, Machinery Loan, Business Loan, MSME Loan etc.

FINANCIAL STATEMENTS

Financial statements are nothing but a record of all economic activities, which shows where the business, person, or any other entity stands. It reports on the company’s assets, liabilities, and owner’s capital at any given point in time, and it contains Income Statement, Balance Sheet, Cash flow statement, and Retained Earnings. The financial statement shows the company’s profit loss in the Income statement. The statement of preserve earning is also known as equity, which shows the change in the preserve making between the initial and final time duration (a month or a year).

NECESSARY THINGS REQUIRED IN PREPARATION OF FINANCIAL STATEMENT

1. The balance sheet
2. The statement of cash flows
3. Income statement
4. Statement of Owners’ Equity

PREPARATION OF FINANCIAL STATEMENT

• Source of information: As to prepare something, a source is required. So to prepare a financial statement, a source of information is needed.
• Collection of Evidence: Bank accounts, management accounts, payrolls, bank statements, invoices, and receipts are examined and collected.
• Passing Journal Entries: The entries of the business transactions are further passed
• Ledger Posting of Journal Entries: Transferring of debit and credit items from journal entries into their separate accounts is done
• Preparing Trial Balance: From closing balances of the general ledger accounts, the trial balance is crafted.
• Give Effects of Adjustments: Then adjustments are made in Trail balance.
• Preparing Adjusted Trial Balance: After the adjustments are done in the trial balance. Adjusted Trial balance is crafted.
• Preparation of Final accounts,

1. Trading Account / Revenue Account
2. Profit & Loss Account / Income & Expenditure Account
3. Balance Sheet / Statement of Affairs
4. Notes to Accounts ( applicable only if it’s a company)

The Lok Sabha and the Rajya Sabha published the finance bill with some significant amendments you should know. These amendments are crucial for every citizen of India, where you can understand the schemes that might provide you multiple benefits. The Indian Government offers various services to their citizens by opening some pathways for familiar people.

The people can understand how they can use their money to spend their livelihood. Let’s get into the deep to understand the amendments from the Government of India for their citizens.

Definition of “Liable to Tax” U/S 2 (29A) Amendment

The amendment on the definition for a person “liable to tax” says that the person will be liable to pay the tax if the person holds the liability of income tax under that country’s law. The latest budget of 2021 stated that the person must have the liability of tax under the law of the country. A person can also be liable to tax if he is subsequently exempted from the liability under that country’s law.

The Lok Sabha and the Rajya Sabha mentioned these two amendments as the significant amendments in the definition of “liable to tax.”

The government of Gujarat has proposed crucial assistance to the projects that are working to protect the environment. This assistance will enhance the development of several industries working to prepare safety equipment used in environmental protection. The manufacturing units in the state will get a boost, where all the new projects will get assistance to produce several factors to protect the environment.

This assistance will boost the economy after getting assistance to invent some environmental tools. Industrial growth is crucial to enhance the protection ideas of the environment.

Gujarat government focuses on the green Gujarat initiative to save the environment from the waste that is spread by industries. They allow institutions to find out smart ways that can enhance industrialization and not harm the environment. Even a task force was established to take care of environmental causes. The assistance will empower several inventors, that are working to find out smart ways in environmental protection.