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...

Framework for the Preparation and Presentation of Financial Statements

Institute of Chartered Accountants of India, which is the apex body of accountants in India has issued a framework on manner of presentation and...

Overview of Prevention of Money Laundering Act, 2002

Prevention of Money Laundering Act, 2002 is also commonly known as PMLA 2002. This Act applies to the whole of India and it came...

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....

Overview on Powers of Income-tax Authorities

Section 131 to 136 deal with powers of Income-tax Authorities. Below are the headings of these sections. Sections Heading 131 Power regarding discovery, production of evidence,...

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...

Restriction on cash transactions under Income tax act, 1961

After the demonetization, Government has earned an important lesson. Keeping the rhetoric aside, it's enlightened to the wisdom of colours in money. Notes of...

How to Reset Login of Income Tax E-filing Website

It may be very often that you forget your password for Income Tax E-filing Website. Since it is needed only a few times a...

Repurchase Options (Repo.) and Ready Forward contracts

These are purchase and repurchase agreements used by money market participants to finance their loans. Such transaction when viewed from the point of view...

Applicability of GST with reference to Model GST Law

With 1st July nearing, everyone is preparing for new pan India Indirect tax – Goods and Service Tax (GST). Suddenly, Experts are seen on...