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Taxation of Association of Persons
The income tax Act prescribes a specific mode for calculation of income and taxability in the case of Association of Persons.Let's first discuss what is an Association of Persons.An association of persons means an association in which two or m
Audit Methodology - School (Trust)
Income and Expenditure Account: Income
How to choose the right mutual fund option?
Everyone has some or the other kind of financial goals, no matter how big or small these might be, which they want to accomplish. Mutual Funds, here may seem an easily achievable investment option to go for;however one may still be perturbed about ch
GST- Proposed Input tax credit methodology
GST- Proposed Input tax credit methodology Goods & Service tax (GST), the mile stone tax reform since independence of India is on its way to implementation journey and proposed GST bill is under discussion everywhere. This is very crucial stage t
Some relief to auditors, from hanging penalty sword of Rs 25,00,000
26th March 14- Sec 143(12) of Company Act 2013 was notified, which created obligation on auditors to report certain frauds to Central Government (Secretary MCA)As it is a law, materiality limit is not applicable unless specified. So auditor has to re
Chartered Accountants Examinations- An Overview
1. CA EXAMINATIONS � AN OVERVIEW1.1 Chartered Accountants examinations are held as per the provisions of the Chartered Accountants Regulations, 1988, framed under Chartered Accountants Act, 1949.1.2 Affairs relating to Chartered Accountancy exa
Section 44AD of Income Tax Act - a Boon or Harm to the Country
The history of accounting is thousands of years old and can be traced to ancient civilizations. The early deve
How NRIs can make use of Recurring Deposits?
For NRIs looking forward to make huge savings with small monthly investments, the Recurring Deposits seems to be an excellent option. A recurring deposit account is one that enables the depositor to save by paying an agreed fixed monthly sum for a re
Importance of cash in a portfolio
When in a bull market, the returns are coming in so fast that investors hate idle cash the most. They see cash as a loss of returns, an opportunity cost. So much for not wanting cash in portfolio, they even start leveraging! That is borrow and invest
All Penalties under Companies Act, 2013
The law poses various obligations to be discharged by the Companies , Directors, Managers and other Officials. Non-compliance of such obligations attracts punishment which may be imprisonment and/ or fine/ penalty. The new Companies Act, 2013 has com
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