While transacting banks knowingly and unknowingly enter into various contracts some are written and formal some other are informal and unwritten. Some common contractual relationships assumed by the banks are Debtors – Creditor, Creditor – Debtor, Bailor – Bailee, Guarantor – beneficiary, Pledgor – Pledgee and Principal and Agent. These relationships need to be understood […]
Auditing is the process of examining an organization’s (or individual’s) financial records to determine if they are accurate and in accordance with any applicable rules (including accepted accounting standards), regulations, and laws. If objective of auditor is to establish fairness of the financial result it is called External Auditing, when exercise has been done with […]
PRESUMPTIVE TAXATION SCHEMES SECTION 44AD: SPECIAL PROVISIONS FOR COMPUTATION OF INCOME ON ESTIMATION BASIS Notwithstanding anything to contrary contained in sections 28 to 43C, -in case of a resident assessee being an individual, HUF, or a partnership firm excluding LLP; -engaged in a -a sum equal to 8% (6%*) of the total turnover or gross […]
We know that a Contract Of Insurance is based on utmost good faith. It means, while at the time of applying for insurance the insured has disclosed all material facts and other required details to the insurance company and vice-versa. The facts disclosed by an insured will help insurance company to decided risk exposure and […]
Tax on Capital Gains can be saved by making investments in accordance with the exemptions provided under the Income Tax Act, 1961. Tax exemption for the Capital Gain arising out of the sale of long-term capital asset- Investment in specified bonds – Exemption under Section 54 EC – 1.Tax can be saved by investing in bonds […]
The word ‘AUDIT’ has Latin origins. It is derived from the Latin term ‘audire,’ which means to hear as back then auditor used to listen to the accounts read over by an accountant in order to check them.
Taxability of grants and donations received by Trusts -AAR Maharashtra in Re: Jayshankar Gramin Va Adivasi Vikas Sanstha The whole issue w.r.t. decision by AAR Maharashtra, in the matter of Jayshankar Gramin Va Adivasi Vikas Sanstha (for short referred to as Sanstha hence forth) revolves around the applicability of Sr. No.1 of Exemption Notification No. […]
Learn how to easily enroll for a Digital Signature and use it to file your Income Tax Return online. Make the process hassle-free and secure.
Not an unusual development for a nation with Unified Payments Interface (UPI) which witnessed extraordinary adoption and recorded over 4.2 billion transactions worth over ₹ 7.7 trillion in just October 2021, NITI Aayog now has produced a discussion paper (paper) for my/your and others’ observations/comments on ‘A Proposal for Digital Banks in India: Licensing & […]
BRIEF NOTE ON SECTION 8 MICRO FINANCE COMPANIES Section 8 Microfinance companies as the name suggests, are financial institutions that provide finances to low-income groups, These companies are introduced to ease the credit system for small businesses as they don’t get a loan from banks due to their complex process. Therefore, it is commonly named […]
