Income Tax : Direct Tax – At a Glance No change in income tax slabs A tax credit of Rs. 2,000 to every person with an income of up to Rs. 5 l...
Fema / RBI : Libor is an average interest rate which is calculated from the interest rates given by key banks in London on a daily basis. It is...
Finance : International Financial Reporting Standards (IFRS) are principle based standards as against the rule based standards currently in ...
Corporate Law : The Foreign Account Tax Compliance Act (FATCA) forms section 501(a) of the broader Hiring Incentives to Restore Employment Act, on...
Direct Tax – At a Glance No change in income tax slabs A tax credit of Rs. 2,000 to every person with an income of up to Rs. 5 lakh per annum Surcharge of 10 % on persons (other than companies) whose taxable income exceeds Rs. 1 crore for only one year Increase in surcharge […]
Libor is an average interest rate which is calculated from the interest rates given by key banks in London on a daily basis. It is controlled by the British Bankers Association in London. Libor is one of commonly used interest rate in the world for various loans & banking transactions. It is also used in derivatives transactions globally (especially in US derivate markets) which are one of complex contracts in the world.
International Financial Reporting Standards (IFRS) are principle based standards as against the rule based standards currently in force; that establishes recognition, measurement, presentation and disclosure requirements relating to transactions and events that are reflected in the financial statements. IFRS was developed in the year 2001 by the International Accounting Standards Board (IASB) to provide a single set of high quality, understandable and uniform accounting standards.
The Foreign Account Tax Compliance Act (FATCA) forms section 501(a) of the broader Hiring Incentives to Restore Employment Act, one of several pieces of legislation designed to boost the economic output of the U.S. following the global financial crisis. FATCA was signed into U.S. law in March 2010, and comes into effect in January 2013.
