What were the revenue officer known as?

What were the revenue officer known as?

In the revenue department, the deputy collector (also called Deputy District Collector) is usually a tehsildar who reports to the District Revenue Officer (DRO), who is also called the Additional District Collector and is the overall in-charge of the revenue department for the district.

What are the duties and responsibilities of revenue collectors?

Collect taxes from individuals or businesses according to prescribed laws and regulations. Contact taxpayers by mail or telephone to address discrepancies and to request supporting documentation. Maintain knowledge of tax code changes, and of accounting procedures and theory to properly evaluate financial information.

How can I become a revenue officer?

You can consider pursuing a Master’s degree in Economics and Mathematics or other relevant subjects. It is important to note that you can take up any regular job before becoming a revenue officer. You can take the civil services exam (UPSC) anytime before the age of 32.

Who collected revenue?

Revenue collection frequently refers to a government agency billing the public or a member of the public for fines, taxes or any other fees. However, revenue collection is also the general collection of revenue for debts owed or owed revenue by persons or businesses.

Who is a revenue agent?

A revenue agent is an accountant employed by the Internal Revenue Service (IRS), or local or state governments to examine and audit tax returns and records. A revenue agent’s job is to make sure that tax liabilities of individuals, small businesses, corporations, and other tax-paying entities have been met.

What is called the Head of Revenue Department?

Solution. The head of the revenue department was the wazir, known as diwan or diwan-i-ala. The head of the military department was called the mir bakhshi.

What is the head of account?

Head of an account means the category under which an account falls. All the related transactions are grouped under the particular head. For example, all the cash transactions are grouped under the head of the Cash A/c and is written on the top of the account.

What is major head in Treasury Challan?

Tax revenue • Non Tax revenue • Grants in aid and contributions. A four digit Code has been allotted to the Major Head. The first digit indicating whether the Major Head is a Receipts Head or Revenue Expenditure Head, or Capital Expenditure Head or Loans and Advances or it pertains to Public Account.

What are the actual heads of accounts?

ACCOUNT HEADS

• ADVERTISEMENT AND PUBLICITY EXP.
• BANK CHARGES.
• BUSINESS PROMOTION EXPENSES OR SALES PROMOTION EXPENSES.
• CARTAGE INWARD EXPENSES.
• CARTAGE OUTWARD EXPENSES.
• CONVEYANCE EXPENSES.
• DEPRECIATION ACCOUNT.
• ELECTRICITY & WATER EXPENSES.

What are the 5 types of accounts?

There are five main types of accounts in accounting, namely assets, liabilities, equity, revenue and expenses. Their role is to define how your company’s money is spent or received. Each category can be further broken down into several categories.

Is cash a real account?

Cash Account is Real account. A real account is an account that retains and rolls forward its ending balance from period to period. The areas in the balance sheet in which real accounts are found are assets, liabilities, and equity.

Is capital a real account?

Capital account is the account of a natural person, i.e. an account of person who is alive. Hence, it can be classified as a personal account.

What is capital account with example?

The capital account is part of a country’s balance of payments. It measures financial transactions that affect a country’s future income, production, or savings. An example is a foreigner’s purchase of a U.S. copyright to a song, book, or film. Its value is based on what it will produce in the future.

Is capital owner’s equity?

Capital is the owner’s investment of assets into a business. Capital is a subcategory of owner’s equity.

Is owner’s capital a debit or credit?

Revenue is treated like capital, which is an owner’s equity account, and owner’s equity is increased with a credit, and has a normal credit balance. Expenses reduce revenue, therefore they are just the opposite, increased with a debit, and have a normal debit balance.

Is capital equal to equity?

In a corporation, capital represents the stockholders’ equity. Since every business transaction affects at least two of a company’s accounts, the accounting equation will always be “in balance”, meaning the left side of its balance sheet should always equal the right side.

What are examples of owner’s equity?

In simple terms, owner’s equity is defined as the amount of money invested by the owner in the business minus any money taken out by the owner of the business. For example: If a real estate project is valued at $500,000 and the loan amount due is $400,000, the amount of owner’s equity, in this case, is $100,000.

What is revenue example?

Examples of revenue accounts include: Sales, Service Revenues, Fees Earned, Interest Revenue, Interest Income. For example, interest earned by a manufacturer on its investments is a nonoperating revenue. Interest earned by a bank is considered to be part of operating revenues.

What are examples of equity?

Equity is anything that is invested in the company by its owner or the sum of the total assets minus the sum of the total liabilities of the company. E.g., Common stock, additional paid-in capital, preferred stock, retained earnings and the accumulated other comprehensive income.

What will decrease owner’s equity?

The main accounts that influence owner’s equity include revenues, gains, expenses, and losses. Owner’s equity will increase if you have revenues and gains. Owner’s equity decreases if you have expenses and losses. If your liabilities become greater than your assets, you will have a negative owner’s equity.

Do all transactions affect equity?

According to this equation, virtually every transaction that your business makes has an impact on equity. Sales earn money and add to your assets, while expenditures often deplete assets and increase liabilities.

What are the 4 major types of transactions that affect equity?

The four major types of transactions that affect equity in a business are owner withdrawals, advertising, new investments and business transactions that lead to the accumulation of profits or losses.

Why does revenue increase owner’s equity?

Revenues cause owner’s equity to increase. Since the normal balance for owner’s equity is a credit balance, revenues must be recorded as a credit. (At a corporation, the credit balances in the revenue accounts will be closed and transferred to Retained Earnings, which is a stockholders’ equity account.)

Is revenue A equity?

The earning of revenues causes owner’s equity to increase. Although revenues cause owner’s equity to increase, the revenue transaction is not recorded into the owner’s capital account at this time. Rather, the amount earned is recorded in the revenue account Service Revenues.

Is revenue an asset or equity?

Revenue is tangentially related to an asset. If Wal-Mart sells a prescription to a customer for $50, it might not receive the payment from the insurance company until one month later. However, it will report $50 in revenue and $50 as an asset (accounts receivable) on the balance sheet.

Is revenue a credit or debit?

Recording changes in Income Statement Accounts

Revenues	Expenses
CREDIT increases	DEBIT increases
DEBIT decreases	CREDIT decreases