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Deemed Sales
Before the discussion on deemed sales we must be well known of the general facts of sale.Meaning of Sale There are various definitions of the term Sale is generally specified in different laws and different State VAT acts. Hence we nee
Audit of Banks with the help of Finacle
Audit of Banks with the help of FinacleThe banking sector in India has developed tremendously after it adopted the Core Banking Solution (CBS). Finacle is also one of such CBS softwares developed by Infosys. Many nationalized banks such as Bank of B
Delhi VAT Amnesty Scheme closing by 31st January, 2014
Dear Professional Colleagues,Delhi VAT Amnesty Scheme closing by 31st January, 2014 Pursuant to the power conferred by Section 107 of the Delhi Value Added Tax Act, 2004 (the Actor DVAT), the Lt. Governor of National Capit
It sounds interesting - One Person Company
Under the existing Company Law framework, a private limited company is required to have a minimum of two shareholders and two Directors. But The Companies Act, 2013 passed by the Lok Sabha provides for the concept of a One Person Company (OPC) in Ind
Brief synopsis for chapters in Financial Reporting
Consolidated financial statements (CFS) which lead to the subsidiaries of the holding company its summative accounting figure. Putting another way, consolidated financial statements can be addressed as the combined financial statements of a parent
Financial Reporting
Financial Reporting A financial report is a formal record of the financial activities of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form easy to understand, including related note
The Companies Act, 2013 - Provisions relating to Directors
Introduction: The Board of Directors is an important body elected by the shareholders which acts as agent of shareholders. The Board is collectively responsible for making policies for good governance and efficient running of the company. The Compani
Karniti Part-19: Kite Fight between Taxpayer & IT Dept
Arjuna (Fictional Character): Lord Krishna, all are happy and enjoying as two festivals Makar Sankranti and Eid are coming together. Children are busy flying colorful kites in the blue sky. Kites o
How to make sure your Income Tax return is not rejected?
Most of us file our income-tax (I-T) returns online before the July 31 deadline. Electronic filing (e-filing) is convenient and you can even pay your taxes online. However, filing your returns online does not mean that the process of fi
Taxation of Salary - Points need to know as an employee
Taxation of Salary Points need to know as an employee (Part- 1) Introduction: It is January again and the first month of last quarter for the financial year 2013-14, All the employers are in the process of start asking your proofs for your
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