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Finance Testing

Basic terms of FINANCE
Golden Credit Debit rules of FINANCE
Types of accounts in FINANCE
Types of voucher in FINANCE
Basic terms of FINANCE
Income Tax Slab for India
Income Tax Slab for USA
Income Tax Slab for China


What is finance ?


Finance is just a world of DEBIT and CREDIT.
There are few basic terms that one must know :

Assets: tangible and intangible items that the company owns that have value (e.g. cash, computer systems, patents).
Liabilities: money that the company owes to others (e.g. mortgages, vehicle loans).
Equity : Equity is that portion of the total assets of the company that the owner fully owns.
Assets = Liabilities + Owner's Equity.
Revenue or Income: money the company earns from its sales of products or services, and interest and dividends earned from marketable securities.
Expenses: money the company spends to produce the goods or services that it sells (e.g. office supplies, utilities, advertising).
Capital : In economics, capital, or financial capital to be precise, refers to the funds made available by investors and lenders to entrepreneurs to arrange (read buy) machinery and equipment for the production of goods.

Working Capital = current asset – current liability.

Credit debit rules :


Rule 1.
Debit to receiver
Credit to giver
Rule 2.
Debit what comes in
Credit what goes out
Rule 3.
Debit All Exp /Loss
Credit Income/Gain
The accounts are of three types:
1.Personal Account: Debit the receiver n credit is the giver.
(Sub type of account)*
2.Real Account:Debit what comes in n credit what goes out.
Relate to the assets of the firm but not debt.
Example : building , land , investment etc. 3.Nominal Account: Debit all expenses n losses n credit all incomes n gains.

What is voucher in Finance ?


Voucher : Voucher is a document provide evidence of some business transaction.
Types of voucher :
There are basically four types of vouchers :

1. Bank voucher
2. Cash Voucher
3. Journal Voucher
4.Contra voucher
Bank voucher are divided in two type : Payment voucher & Receipt Voucher
Cash voucher are divided in two type : Payment voucher & Receipt Voucher
Journal voucher are divided in two type : Purchase voucher, Sales Voucher & Adjustment Voucher
Contra Voucher : Between Bank to bank

Income Tax Slabs


Here is the Income tax slab for India, USA & UK.


Income Tax slab in India for Financial Year 2016-2017

For Men Below 60 Years of Age

Income Tax SlabIncome Tax Rate
Income upto Rs. 2,50,000Nil
Income between Rs. 2,50,000-Rs. 500,00010% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 - Rs. 10,00,00020% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,00030% of Income exceeding Rs. 10,00,000

For Women Below 60 Years of Age

Income Tax SlabIncome Tax Rate
Income upto Rs. 2,50,000Nil
Income between Rs. 2,50,000-Rs. 500,00010% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 - Rs. 10,00,00020% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,00030% of Income exceeding Rs. 10,00,000

For Senior citizen Age between 60 to 80 years

Income Tax SlabIncome Tax Rate
Income upto Rs. 3,00,000Nil
Income between Rs. 3,00,000-Rs. 500,00010% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 - Rs. 10,00,00020% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,00030% of Income exceeding Rs. 10,00,000

For Senior citizen Age more than 80 years

Income Tax SlabIncome Tax Rate
Income upto Rs. 5,00,000Nil
Income between Rs. 500,001 - Rs. 10,00,00020% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,00030% of Income exceeding Rs. 10,00,000

Income Tax slab in USA

Taxable Income Brackets and Rates (Estimate)

RateSingle Taxable IncomeMarried Joint FilersMarried Filing Separately Taxable IncomeHead of Household Filers
10%$0 to $9,275$0 – $18,550$0 – $9,275$0 – $13,250
15%$9,276 – $37,650$18,551 – $75,300$9,276 – $37,650$13,251 – $50,400
25%$37,651 – $91,150$75,301 – $151,900$37,651 – $75,950$50,401 – $130,150
28%$91,151 – $190,150$151,901 – $231,450$75,951 – $115,725$130,151 – $210,800
33%$190,151 – $413,350$231,451 – $413,350$115,726 – $206,675$210,801 – $413,350
35%$413,351 – $415,050$413,351 – $466,950$206,676 – $233,475$413,351 – $441,000
39.6%$415,051+$466,951+$233,476+$441,001+

Income Tax slab in UK

Income Tax in China

Tax %Monthly Income(CNY)
Income between 1 - 1,5003%
Income between 1,501 - 4,500 10%
Income between 4,502 - 9,000 20%
Income between 9,001 - 35,000 25%
Income between 35,001 - 55,000 30%
Income between 55,001 - 80,00035%
Income between 80,000 and above45%

Tags : Finance testing tutorials, Income Tax in india, income tax in USA & Income tax in China







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