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Nostro, Vostro and Loro Accounts in Foreign Transaction
Foreign currency means any other currency other than the home currency, so if we say with reference to the above example foreign currency means any other currency other than Rupee for India, Pound Sterling for UK and US Dollar for USA.
Forex - Parity Relationship - Part 3
Hello Friends,First of all thank you so much for your support and lovely response.In earlier parts of Forex we saw some basics of Forex, in this part we will move to Parity relationships, I will try my best to simplify , hope you will understand.Plea
Interpretation of 'month' as per the IT Act 1961
A 'month' under the Income Tax Act,1961 - An English Calendar monthOR a lunar month of 30 days?You may be knowing that full interest is being charged for delayed remittance of tax for a part of a month (of the English Calendar, interpreting
Section 2(47)(v) may hit by change in 53A of the TP Act
The real impact of the amended provision of the Registration & other Relevant Laws ( Amendment ) Act 2001 on taxation of transfer of capital assets under the circumstances referred to in clause (v )of section 2 ( 47) of the income tax A
Why AS 22 is applied
My aim of writing this article is to discuss with you all why AS 22 is applied, generally this happens we study the whole AS, solve the questions, but we dont know the crux of it. So friends AS 22 is Accounting for t
Salary TDS - Marginal on Surcharge
As per the tax rates applicable for A.Y. 2014-15, if the annual taxable salary goes above Rs 1 crore, a surcharge of 10% on Income Tax is to be added to the Income Tax calculated as per the tax slabs. Consequently, the Total Income Tax calculation sh
Karniti Part 23: Is "LOVE" Tax free?
Arjuna (Fictional character): Krishna, Valentine's Day (14th February) is the festival of love, which is now celebrated worldwide. Love is the essence of life, it holds great importance in the life of a human being. While expressing love and affe
Salary Individual Tax deduction for 2014 Income Tax
Salary Individual Tax deduction for 2014 as per Income Tax ActSalary Employee faces difficult task in saving tax. Though there are many section under which they can save tax, however not everyone is aware of all the benefits which they can claim. The
Letter of Credit / Documentary Credit
Letter of Credit/Documentary Credit Letter of Credit/Documentary Credit is a one of the method of payment through which payment in theinternational as well as domestic market is effected for the goods purchased or service provided. Though there is a
Mauritius Route : A Long Lasting Story
Mauritius route A Long Lasting Story Mauritius -officially the Republic of Mauritius is an island nation in the Indian Ocean about 2,000 kilometers (1,200 mi) off the southeast coast of the African continent.Since independence in 1968, Maurit
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