Goods and Service Tax (GST) GST is commonly known as tax imposed on the supply of goods and services. Earlier the Central Government used to levy tax on manufacture (Central Excise duty),Read More…
UIDAI The Unique Identification Authority of India (UIDAI) is a statutory authority established under the provisions of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (“AadhaarRead More…
Account Payable Account payable can be defined as an obligation to be paid, in other words When a company orders and receives goods (or services) in advance of paying for them, weRead More…
Minimum Alternative Tax (MAT) The concept of MAT was introduced for companies and progressively it has been made applicable to all other taxpayers in the form of AMT. The introduction of theRead More…
Kisan Vikas Patra (KVP) The government scheme that was originally designed for farmers is now open to all. Kisan Vikas Patra (KVP) is a government-sponsored saving scheme that was initially designed specificallyRead More…
Allowances Taxability for Salaried Employee Allowances:- Allowances Taxability for Salaried Employee are 1. Fully-taxable allowances: a. DA or special allowance b. Fixed medical allowances c. Tiffin allowanced. Servant allowances e. Nonparticipating allowanceRead More…
Indexation on Mutual Funds helps investors in long-term debt funds to save taxes. If you sell investments in debt funds after three years, the gains are treated as Long Term Capital GainsRead More…
Employee Provident Fund Organization (EPFO) The employee provident fund came into existence with the promulgation of Employees’ Provident Funds Ordinance on the 15th November 1951. It was replaced by Employees’ Provident FundRead More…
Taxable Perquisites for Salaried Employee Related taxable perquisites 1.) Taxable Perquisites for Salaried Employee Education Expenses – Value of perquisite up to 1,000 pm 2.) Interest-free loans – difference between SBI lendingRead More…
Indian Accounting Standard (Ind AS) 109 Financial Instruments The objective of this Indian Accounting Standard is to establish principles for the financial reporting of financial assets and financial liabilities that will presentRead More…
