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CA Exams: 10 most common questions answered by AIR-1s
Answers to the ten most common questions related to Chartered Accountancy by 3 AIR-1s. Know how to prepare for CA Exams.
PF| New PPF rules
Due to lockdown, the government has relaxed a few rules on PPF and small saving schemes like 5 year National saving certificate, Kisan Vikas Patra, Sukanya Samridhi Yojana, etc.
Section 271AAD: Fair Interpretation and applicability
Section 271AAD is for a penalty on false entry, etc. in books of account.Under the Head "H. PREVENTING TAX ABUSE", explanation and need for insertion of Section 271AAD have been given.
Impact of drastic fall in crude oil prices on Indian Economy
A negative price suggests, instead of buyers paying the sellers, sellers were paying buyers, $37 per barrel of crude oil, along with the crude oil.The producers (who dig the oil) didn't want it. The refiners won't touch it. And the consumers have no need for it.At the close of trading hours, the Crude OIL WTI future price breached the $0 level.
GST rate on royalty paid to obtain license for mining services
GST Update on applicable rate of GST on royalty paid to obtain license for mining service. The AAR recently held that the applicable rate of GST on the royalty paid under a mining lease agreement with the government attracted a GST rate of 18% under the reverse charge mechanism.
Procedure of trust registration in Punjab
As per the Indian Trust Act 1882, a Trust is an arrangement where the author/ owner (trustor) transfers the property to someone else (trustee) for the benefit of a third person (beneficiary).
Mutual Funds Sahi Hai?
India's financial sector is under intense strain, grappling with a liquidity crisis. In such unprecedented times, Franklin Templeton Mutual Fund ('FT India') is another victim of Covid-19. FT India have decided to shut six of its open-ended debt funds.
RBIs liberalised remittance scheme
Remittance is an income earned in foreign which is transferred to any family member/relative in the country from any foreign nation. The Reserve Bank of India regulates remittances from foreign nations through its Liberalised remittance scheme. RBI liberalized remittance Scheme is not available to corporates, partnership firms, HUF, Trusts, etc.
Section 6 of the Income Tax Act
Section 6 of the Income Tax Act contains provisions related to the residential status of an assessee. The Finance Act 2020 amends provisions related to the residential status of the non-resident.
ROI vs Profit Margin : Which is Better?
There are two common ways to estimate profitability in the business world, one is to consider the profit margin, and the other is to calculate Return on Investment (ROI). Profit margin percentage is calculated by breaking down the item price into cost and profit, whereas ROI focuses on the investment value of a product.
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