RBI clarified Schemes for Stressed Assets-Revisions, that the standstill clause only applies to asset clarification and banks shall not recognize income on accrual basis if the interest is not serviced within 90 days from the due date.
A service concession arrangement is an arrangement whereby a government or other public sector body contracts with a private operator to develop (or upgrade), operate and maintain the grantor’s infrastructure assets such as roads, bridges, tunnels, airports, energy distribution networks, prisons or hospitals.
It’s a single indirect tax Rate that will subsume several indirect state and federal taxes such as service tax rate, value added tax (VAT) and excise duty, and different state taxes, central surcharges, entertainment tax, luxury tax and a slew of related levies by local bodies.
1. 1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh. 2. Income tax surcharge for having income Rs. more than 1 crore increased to 15% (previously 12%) 3. Deduction u/s 80GG for RENT payment increased upto Rs. 5,000/- per month (previously Rs.2,000/-)
Clause (e) of Sub-section 5 of Section 134 explains the meaning of the term, internal financial controls as the policies and procedures adopted by the company for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information.
Under Section 2(18) of the Income tax a company is said to be a company in which the public are substantially interested in the following circumstances: (a) if it is a company owned by the Government or the Reserve Bank of India or in which not less than forty per cent of the shares are held (whether singly or taken together) by the Government or the Reserve Bank of India or a corporation owned by that bank; or
The CENVAT credit shall not be allowed on such quantity of input or input service which is used in the manufacture of exempted goods or for provision of exempted services, except in the circumstances mentioned in sub-rule (2)
If a buyer wants to sell his consignment to a third party before arrival of goods but after sailing vessel from load port, such sale is known as high sea sale.
Sensex is calculated using the Free-float Market Capitalization methodology. As per this methodology, the level of index at any point of time reflects the Free-float market value of 30 component stocks relative to a base period. The market capitalization of a company is determined by multiplying the price of its stock by the number of shares issued by the company. This market capitalization is further multiplied by the free-float factor to determine the free-float market Capitalization.
The Company act 1956 didn’t include cash flow statement in the Definition of Financial statement. The Applicability of Cash Flow Statements governed by the Companies (Accounting Standards) Rules, 2006. Enterprises which fall in any one or more of the following categories, at any time during the accounting period, are classified as Level I enterprises:
