Daily Archives: September 6, 2020

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Revised LFAR format with audit scope on areas of credit risk, market risk, operational risk, capital adequacy among others

Reserve Bank Functions and newsBy Surendra Naik September 6, 2020

RBI on Saturday announced the revised long format audit report (LFAR) norms with the scope of the mandate of an audit covering areas of ‘Credit risk’, ‘market risk’, assurance functions and operational risk areas’, ‘capital adequacy’ and ‘going concern and liquidity risk assessment’, among others. This may also involve commenting on various risks to which…

Do you know these incomes are fully exempt from Income tax

Income taxBy Surendra Naik September 6, 2020

Updated: as per amended finance act 2020 [Section 10 of the Income Tax Act allows the computation of specific incomes as tax-free. Here we have listed tax-free income mainly under Section 10(6) and other import incomes which are tax-free under section 10 such as 10(1), 10(2), 10 (2A),10(4),10(4B), 10(10D,10(10BC),and10(15).] There are certain types of income…