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…
Fixed Maturity Plans Fixed maturity plans (FMPs) are a special class of close-ended debt mutual funds that mature after completion of a pre-determined time period. Thus you can make investments in anRead More…
Income Tax Refund Status Under Income tax, the term refund can be defined as excess tax amount paid or deducted during the financial year which will be credited back to assessee. ItRead More…
Section 80D Deduction in respect of Health Insurance Premium Assessee being individual or HUF can take deduction on which such assessee incurred health insurance premium if any, while computing income tax. SuchRead More…
Statement of Financial Transactions (SFT) Code Finance Act 2014 replaced Section 285BA and renamed it as ‘obligation to furnish statement of financial transaction or reportable account’ to widen the scope of specifiedRead More…
TDS on Cash withdrawal of more than 1 Crore In order to discourage cash transactions and move towards a cashless economy, a new Section 194N has been inserted under Income-tax Act withRead More…
Income Computation Disclosure Standards (ICDS) Central Board of Direct Taxes has notified 10 income Computation and Disclosure standards to ensure control over disclosure of income of assessee, to bring uniformity in accountingRead More…
Provident Fund Provident fund is regulated by the Employee Provident Fund scheme, 1952. is one of the primary savings schemes for people working in government, public or private sector organizations in India.Read More…
