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what is the finalisation of accounts,
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CLOSING OF ENTRIES AT THE END OF THE FINALCIAL YEAR AND PREPARATION OF PROFIT AND LOSS ACCOUNT AND BALANCE SHEET IN A VIEW TO KNOW THE PROFIT OR LOSS AND FINANCIAL STATUS OF THE ORGANIZATION IS CALLED FINALIZATION OF ACCOUNTS.
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We may get profit or loss from business. If so we can name the statement as Profit or Loss account. But since a long time we are naming it as Profit and Loss account. Why?
i am working in pvt company as accountant. but i have one doubt in case of tds deduction. becouse we have paid Rs.25000/- to Just Dail Group account as a Advertisement Expences. I know Rules of Tds deduction Rule no: 194C any payment to contract (advertisement contract) must want to deduct tds (1.133%)if u paid advertisement expences more than Rs.20000/- (one time). but my doubt is this. how much our assessment value in this creditor. up to 20000 don't want to pay tds. r we only assessed value Rs.5000 (25000- 20000), ie Rs.56.65 or whole amount (25000)ie Rs.283.25. anybody can help me
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