Finance Testing
Basic terms of FINANCEGolden 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 Slab | Income Tax Rate |
| Income upto Rs. 2,50,000 | Nil |
| Income between Rs. 2,50,000-Rs. 500,000 | 10% of Income exceeding Rs. 2,50,000 |
| Income between Rs. 500,001 - Rs. 10,00,000 | 20% of Income exceeding Rs. 5,00,000 |
| Income above Rs. 10,00,000 | 30% of Income exceeding Rs. 10,00,000 |
For Women Below 60 Years of Age
| Income Tax Slab | Income Tax Rate |
| Income upto Rs. 2,50,000 | Nil |
| Income between Rs. 2,50,000-Rs. 500,000 | 10% of Income exceeding Rs. 2,50,000 |
| Income between Rs. 500,001 - Rs. 10,00,000 | 20% of Income exceeding Rs. 5,00,000 |
| Income above Rs. 10,00,000 | 30% of Income exceeding Rs. 10,00,000 |
For Senior citizen Age between 60 to 80 years
| Income Tax Slab | Income Tax Rate |
| Income upto Rs. 3,00,000 | Nil |
| Income between Rs. 3,00,000-Rs. 500,000 | 10% of Income exceeding Rs. 2,50,000 |
| Income between Rs. 500,001 - Rs. 10,00,000 | 20% of Income exceeding Rs. 5,00,000 |
| Income above Rs. 10,00,000 | 30% of Income exceeding Rs. 10,00,000 |
For Senior citizen Age more than 80 years
| Income Tax Slab | Income Tax Rate |
| Income upto Rs. 5,00,000 | Nil |
| Income between Rs. 500,001 - Rs. 10,00,000 | 20% of Income exceeding Rs. 5,00,000 |
| Income above Rs. 10,00,000 | 30% of Income exceeding Rs. 10,00,000 |
Income Tax slab in USA
Taxable Income Brackets and Rates (Estimate)
| Rate | Single Taxable Income | Married Joint Filers | Married Filing Separately Taxable Income | Head 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 - 1,500 | 3% |
| 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 - 80,000 | 35% |
| Income between 80,000 and above | 45% |
Thanks for sharing,this blog makes me to learn new thinks.
ReplyDeleteinteresting to read and understand.keep updating it.
Selenium Training in Chennai
Selenium Training
JAVA Training in Chennai
Python Training in Chennai
Big data training in chennai
SEO training in chennai
Selenium Training in Chennai
Selenium Training in Velachery
Thank you for taking the time to publish this information very useful! examples
ReplyDeleteThank you for some other informative blog. Where else could I get that type of information written in such an ideal means? I have a mission that I’m just now working on, and I have been at the look out for such information. taxfyle.com
ReplyDeleteRetail banking speaks to the branch systems of High Street banks. The section level vocation in this sort of banking is the counter teller whose activity it is to convey administration with a grin to visiting individuals from the general population. td bank routing number
ReplyDeleteTourists also choose to explore the three religious lakes in tibet travel - Namasto, Yamdrok, and Mansarovar lakes. The heavenly lakes hold an important place in Tibet landscape and culture and offer amazing view along the way.
ReplyDeleteThe sound of Tibetan bells has become a symbol of scattering positively. Meditation along the way on top of the world occupy in Himalayan nature, allow your heart and soul. vacation in tibet has spread positive vibes.
One of the most attractive places for tourists is the thailand tour. Thailand is a kingdom of Thailand and is a country of southeast Asia, and it's also known as siam. the south-east Asian nation can expect to have an increasing flow of Indian families exploring every nook and cranny of the country.
ReplyDeleteThe most famous places to visit in thailand are Pattaya and Lampang. Pattaya is a famous holiday place for Indians and here is a waterpark to choose from Ramayan and cartoon and they provide fun for children & adults both. Lampang is famous for horse and here is in the evening gives lots of street food and full entertainment.
Taman Saraswati temple is a famous temples of bali this temple is dedicated to Hindu goddess Saraswati. and in Taman Saraswati temple has lotus ponds and water garden. Lots of tourists visit this temple because of dance performances and This dance performances held on Tuesday and Thursday only.
ReplyDeleteBesakih temple is a pura complex in the village of Besakih and it's located in eastern Bali. Besakih temple is the largest and the holiest temple of the Hindu religion. It nearly 1000 meters up from Gunung Agung . This is the best bali temles of bali for tourists.
Truxt label improves your legitimacy and reliability. The TRUXT label proves that the service provider applies the best management processes to maintain and grow their business. With this label, you have visibility of the label truxt for the digital service provider.
ReplyDeleteThe TRUXT label proves that the service provider has attained a risk profile, allowing you to work with them with confidence. truxt can count on new providers you will never be able to collaborate with if they are not labeled and the service provider identifies its weak points and implements actions to improve them.
Martinique car rental is only liked by localizes people due to its agencies in Martinique. They provide these four cars are the Citron Jump, Peugeot 308, BMW X1, and Dacia Sandero or Kia Picato.
ReplyDeletemartinique car rental provide friendly budget you have must try and it's mainly located near airport or busy city area. If you have lost your bus or a Train then you should have to try car rental because they are cheaper than the other transportation like taxi etc.
The StarTRUXT label proves that the service provider applies the best management processes to maintain and grow their business. The startruxt label proves the financial stability of the service provider and its good operational work for the next 3 years. The startruxt gives you a best management processes to sustain and develop his business.
ReplyDelete