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Some companies receive revenue from interest, royalties, or other fees. [2] "Revenue" may refer to income in general, or it may refer to the amount, in a monetary unit, earned during a period of time, as in "Last year, company X had revenue of $42 million". Profits or net income generally imply total revenue minus total expenses in a given period.
MCA has to spell out the accounting standards applicable [1] for companies in India. As on date MCA has notified 40 Ind AS (Ind AS 11 is omitted by companies). This shall be applied to the companies of financial year 2015-16 voluntarily and from 2016 to 2017 on a mandatory basis
The Intermediate Exam consists of two groups- Group 1 and Group 2. Both the groups consist of 3 papers each. Each subject exam is of 100 marks. [7] GROUP 1. Paper 1: Advanced Accounting Paper 2: Corporate and Other Laws Part 1: Company Law and Limited Liability Partnership Law (70 marks) Part 2: Other Laws (30 marks) Paper 3: Taxation
The CA Final is the final level exam in the chartered accountancy course offered by the Institute of Chartered Accountants of India (ICAI). [1] CA Final exam is divided into two groups and consists of 6 set of papers with 100 mark each. Before the CA Final exam, students must clear Foundation and Intermediate exams. The exam paper will be ...
Comprehensive income (IAS 1: "Total Comprehensive Income") is the total non-owner change in equity for a reporting period. This change encompasses all changes in equity other than transactions from owners and distributions to owners. Most of these changes appear in the income statement.
Tax deduction at source (TDS) has come into existence with the motive of collecting tax from different sources of income. As per this concept, a person (Payer) who is responsible to make payment of specified nature to any other person (Payee) shall deduct tax at source before making payment to such person (Payee) and remit the same into the account of the Central Government.
State and local income tax refunds, to the extent previously deducted. These are generally excluded from gross income for state and local income tax purposes. Any other income from whatever source. Even income from crimes is taxable and must be reported, as failure to do so is a crime in itself. [23]
Comprehensive income is defined by the Financial Accounting Standards Board, or FASB, as “the change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners ...