Popular Articles

Nostro, Vostro and Loro Accounts in Foreign Transaction

CS M Pota 12 February 2014 at 12:09

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.

TDS Rules on Cash Withdrawals: Starting From April 2026

Poojitha Raam Vinay 25 February 2026 at 11:47

Overview Starting 1 April 2026, under the Income Tax Act, 2025 (applicable for FY 2026-27), TDS on cash withdrawals is regulated to promote digital transactions..

Resolutions under the Companies Act, 2013

Vandana J Doshi 24 February 2014 at 10:25

Before going further, first of all let us understand what a Resolution is. A Company being an artificial person, any decision taken by it shall be in the form of a Resolution. Accordingly, a resolution may be

Foreign Exchange Management Act, 1999 (FEMA): Basic Understanding

Ajay Mishra 25 April 2012 at 11:48

INTRODUCTION A system of exchange control was first time introduced through a series of rules under the Defense of India Act, 1939 on temporary basis. The foreign crises persist

Audit of educational Institutions

Member (Account Deleted) 20 May 2016 at 11:27

Audit of books of educational institutions i.e. Schools, Colleges, Universities etc is known as audit of educational institutions. This type of audit comes under the category of special audit.Generally, the procedures for auditing is same like other

Tax Audit under sec 44AB of the Income Tax Act

Soumya Laha 17 August 2017 at 11:22

Tax Audit limit of Rs 1 crore has been increased to Rs 5 crore with effect from AY 2020-21 (FY 2019-20) if the taxpayer's cash receipts are limited to 5% of the gross receipts or turnover, and if the taxpayer's cash payments are limited to 5% of the aggregate payments.