Diploma in Finance and Accounting

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Finance and Accounting Course Duration


Modules (18)

Company formation is the process of registering a business as a limited company at Companies House. As a result, the business becomes a distinct legal entity. The process is also referred to as ‘company incorporation’ and ‘company registration’.

An audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern.

Tax Identification Number (TIN)

An entrepreneur or self-employed businessman or woman would require TIN while making goods purchases and sales. To apply for TIN, the proprietor would need to furnish the following documents:

  • Identity proof of proprietor
  • Address proof of proprietor
  • Address proof of business
  • PAN card of proprietor
Tax Deduction and Collection Account Number (TAN)

Business setups need to deduct several taxes at source. TAN is a ten-digit alphanumeric number which has to be quoted by the proprietor on TDS returns and payments and any communication on TDS with the income tax department. Not quoting TAN while filing TDS return with income tax department can be fined up to Rs 10,000. The proprietor also needs to furnish TAN at the bank and link it with a bank account where TDS payments are received. Without a TAN number, banks will not receive TDS payments into the proprietor’s business account.

Value Added Tax (VAT)

The VAT replaced sales tax in 2005, and 2017 VAT was replaced by Goods and Services Tax or GST. A VAT is an indirect tax that is charged on products and commodities by the suppliers of the product as they pass through the supply chain and acquire value. To do away with the cascading effect of tax and set up an integrated tax regime for the entire country, the central government introduced the GST tax regime in 2017. The new GST calculation software can be installed in the accounts system to calculate the tax amount payable and receivable on various goods, services, and commodities.

Permanent Account Number (PAN)

PAN is a unique ten-digit alphanumeric identification number issued to individual and group entities. There is the individual PAN and the business entity PAN. Any entity, whether individual or group, having financial transactions must have PAN. For setting up a business, the proprietor first needs to apply with individual PAN and after that apply for PAN for the business setup. In India, all bank accounts in the name of any entity have to be linked with PAN number of that entity.

Digital Signature Certificate (DSC)

Sign and seal on documents and correspondence is a regular feature of the business. DSC apart from being time-saving comprehensively stores pertinent information of the user in condensed code form. DSC code contains information of:

  • User basic details – (Name, pin code, country, email contact)
  • Date of issue of Certificate of Incorporation of entity
  • Name of DSC certifying authority

DSC is a legal signature stamp and accepted as the legal signature of the entity. DSC is issued by certifying authority for one or two years and should be renewed within stipulated time limits.

Director Identification Number (DIN)

DIN is eight digits unique identification number allotted to existing or newly appointed directors of a company by the central government of India. Once issued DIN comes with a validity of lifetime and need not be renewed. User may update details as and when applicable. A director is allotted only singular DIN even if he or she is the director of more than one company. If the director leaves a company and joins another, the same DIN remains applicable, and only new details need to be updated. DIN is used whenever the director’s signature is required on any returns or communiqué issued by the company.

The Income Tax Department is a government agency undertaking direct tax collection of the Government of India. It functions under the Department of Revenue of the Ministry of Finance. Income Tax Department is headed by the apex body Central Board of Direct Taxes.

Goods and Services Tax is an indirect tax used in India on the supply of goods and services. It is a comprehensive, multistage, destination based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.

Payroll is the process of paying a company’s employees, which can include the tracking of hours worked, the calculation of employee’s pay, and the distribution of payments via direct deposit directly to their account or by check.

Provident fund is another name for pension fund. Its purpose is to provide employees with lump sum payments at the time of exit from their place of employment.

Employees’ State Insurance is a self-financing social security and health insurance scheme for Indian workers. The fund is managed by the Employees’ State Insurance Corporation according to rules and regulations stipulated in the ESI Act 1948.

In accounting, an account is a record in the general ledger that is used to sort and store transactions. For example, companies will have a Cash account in which to record every transaction that increases or decreases the company’s cash.

DPR Construction is a commercial general contractor and construction management firm based in Redwood City, California. The privately-held, employee-owned company has 28 offices throughout the United States and specializes in technically complex and sustainable projects for the advanced technology/mission critical, life sciences, healthcare, higher education and commercial office markets. International offices are located in Europe and Asia.

Business licenses are permits issued by government agencies that allow individuals or companies to conduct business within the government’s geographical jurisdiction. It is the authorization to start a business issued by the local government.

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter.

Finance is the study of money and how it is used. Specifically, it deals with the questions of how an individual, company or government acquires the money needed – called capital in the company context – and how they then spend or invest that money. Finance is, correspondingly, often split into three areas: personal finance, corporate finance and public finance.

A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. These investors may be retail or institutional in nature. Mutual funds have advantages and disadvantages compared to direct investing in individual securities.

Profession tax is the tax levied and collected by the state governments in India. It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, lawyer, doctor etc. are required to pay this professional tax. Different states have different rates and methods of collection. In India, profession tax is imposed every month. However, not all states impose this tax. The states which impose professional tax are Punjab, Uttar Pradesh, Karnataka, Bihar, West Bengal, Andhra Pradesh, Telangana, Maharashtra, Tamil Nadu, Gujarat, Assam, Kerala, Meghalaya, Odisha, Tripura, Madhya Pradesh, Jharkhand and Sikkim . Business owners, working individuals, merchants and people carrying out various occupations come under the purview of this tax.

What is difference between Society, Trust and Non Profit Company, it is given here. All the forms as Trust, Society or Non Profit Company are known and classified as NGO. Society, Trust or Non Profit Company all are known and identified as NGO, only formation, registration and management processes are main difference. There are other differences given below. Those who want to form or run NGO can check and find that what kind of NGO formation they prefer. NGO can be formed in any type for social welfare and social development.

ISO certification is a statement to your stakeholders, employees and senior management that the business wishes to operate to a set framework in order to achieve its company objectives. Be this customer satisfaction objectives, production objectives or environmental objectives etc.

trademark is a type of intellectual property consisting of a recognizable sign, design, or expression which identifies products or services of a particular source from those of others, although trademarks used to identify services are usually called service marks. The trademark owner can be an individual, business organization, or any legal entity. A trademark may be located on a package, a label, a voucher, or on the product itself. For the sake of corporate identity, trademarks are often displayed on company buildings. It is legally recognized as a type of intellectual property.

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