RBI directions for Appointment of Managing Director (MD) / Whole-Time Director (WTD) are applicable to all Primary (Urban) Co-operative Banks (UCBs).
On the occasion, the three very important initiatives for the MSMEs namely ICAI MSME EXCHANGE, ICAI MSME Portal and Certificate course on MSME will be launched.
RBI has recently issued a Circular by which it released Quick Insight of Income-tax implications for Financial Year 2021-22 detailing the various tax implications for the current financial year, in accordance with the amendments made in the Finance Act, 2021. Full Text of the same is as follows:- Finance Act, 2021 The Honourable Finance Minister […]
How to Add/Remove/Validate Demat Account on new Income Tax Portal- FAQs Q.1 Can I enable EVC for multiple demat accounts? Ans. No. EVC can be enabled for only one demat account at any point of time. If you try to enable EVC for another demat account, then you will receive a message to disable EVC […]
Ministry of Labour and Employement (Government of India) Salient Features of Employees’ Deposit Linked Insurance (EDLI) Scheme 1976 1. Maximum assured assured benefit up to Rs. 7 lakh paid to nominee or legal heir of EPF member, if death occurs while in service. 2. Minimum assurance benefit of Rs 2.5 lakh, if deceased member was […]
ED transferred attached assets worth Rs 8441.5 Crore to Public Sector Banks who suffered loss due to the bank fraud by Vijay Mallya Nirav Modi and Mehul Choksi 1. Vijay Mallya, Nirav Modi and Mehul Choksi have defrauded Public Sector Banks by siphoning off the funds through their companies which resulted in total loss of […]
Accounting Standard (AS) 28 Impairment of Assets prescribe the procedures that an enterprise applies to ensure that its assets are carried at no more than their recoverable amount. An asset is carried at more than its recoverable amount if its carrying amount exceeds the amount to be recovered through use or sale of the asset.
Accounting Standard (AS) 22 Accounting for Taxes on Income prescribe accounting treatment for taxes on income. Taxes on income is one of the significant items in the statement of profit and loss of an enterprise. In accordance with the matching concept, taxes on income are accrued in the same period as the revenue and expenses to which they relate.
Accounting Standards (AS) 18 – Related Party Disclosures should be applied in reporting related party relationships and transactions between a reporting enterprise and its related parties. The requirements of this Standard apply to the financial statements of each reporting enterprise as also to consolidated financial statements presented by a holding company.
Accounting Standards AS 16 Borrowing Costs prescribe the accounting treatment for borrowing costs. This Standard should be applied in accounting for borrowing costs. This Standard does not deal with the actual or imputed cost of owners’ equity, including preference share capital not classified as a liability.
