Computation of returns from Mutual Funds

are funds wherein investor invests money and owns part of assets owned by mutual fund that corresponds to his/her share in the fund....

Residence in India as per Income Tax Act, 1961

The residential status of an individual is very important as per Income Tax Act, 1961. Provisions relating to residential status is in section ...

Objectives of Accounting Standards

Accounting is a language in itself. It communicates the financial statements of an enterprise. It speaks its financial status. But, as common with any...

Money Market Mutual Funds & Exchange Traded Funds

In 1992, GOI thought to introduce Money Market Mutual Funds (MMMFs) on Indian Financial Canvass. The aim of the Government was to develop the...

Value Added Statements

Value Added statement isn't an Account in the traditional sense. It is mere a statement showing the economic output of the reporting entity. It...

How to verify cash transaction post demonetisation with Income Tax Authorities

After demonetisation people rushed to deposit their underlying cash. They deposited their scrapped currency notes in their Bank Accounts. Government Agencies haven't yet released...

Procedure to check status of Tax refund (Income Tax)

One can check the status of Income Tax refund from TIN-NSDL website. You can click on the below link: Link to TIN-NSDL Refund Status Page On...

TDS on Winnings from Lotteries, crossword puzzles and horse races [Sections 194B and 194BB]

Any income from winnings from lotteries, crossword puzzles, card games and other game of any short, races including horse races, etc., is chargeable to...

How to calculate WDV Rates for Depreciation

Straight Line Method (SLM) and Written Down Value (WDV) methods are the most used methods for calculating depreciation. Although Companies Act doesn't require any...

Declaration and Payment of Dividends

Literal meaning of ‘’ means shareholders’ share of profits payable from the profits of the company. However, there can be two types of dividend,...