The term of a bill is the payment term, and the due date is the date on which the bill is payable. The payment term is the period for which the bill is payable. For example, a bill may be due 30 days, 45 days, or 60 days after the invoice date, after sight or…
A creditor is a person who has sold goods on a credit basis and a debtor is a person who has purchased goods on a credit basis. Thus, a bill that is drawn by a creditor and accepted by a debtor is known as a trade bill of exchange. An accommodation bill is a bill,…
Generally, a bill of exchange is drawn by a creditor on his debtor to settle a trade debt. A creditor is a person who has sold goods on a credit basis and a debtor is a person who has purchased goods on a credit basis. Thus, a bill that is drawn by a creditor and…
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Shri Narendra Modi, On November 25, 2024, announced its approval for the PAN 2.0 Project of the Income Tax Department with a financial implication of Rs.1435 Crore. PAN 2.0 Project is an e-Governance project for re-engineering the business processes of taxpayer registration services through…
A book in which an account of bills of exchange and promissory notes, whether payable or receivable, is stated is known as bill book. There are two types of billbooks in accounting: A bill payable book is an accounting ledger that records and tracks a company’s outstanding bills and payment obligations. It helps businesses manage…
The Tamil Nadu government has announced a list of 23 days as public holidays in 2025 under the Negotiable Instruments Act, 1881, which will be applicable to State government offices, its undertakings, corporations, and boards, among others. List of Public Holidays 2025 Sr.No Date Day Occasion/Festival Date 1 01.01.2025 Wednesday NEW YEAR’s DAY 2 14.01.2025…
There are two different types of receipts that a business or a government generates during its financial activities. They are called capital receipts and revenue receipts. Capital receipts are funds that a company, organization, or government receives from non-operational sources, such as the sale of assets, borrowing, or equity investments. They are typically non-recurring transactions…
The Department of Investment and Public Asset Management (DIPAM) released new guidelines amending its earlier2016 rules to better reflect market realities. “These guidelines have been done keeping in mind the realities of the market and forward looking”, said the secretary of DIPAM. The new guidelines will be applicable from the current financial year ending March…
The Government of the National Capital Territory of Delhi has released the official list of public holidays for 2025. In a notification No.No.F.53/689/GAD/CN/2024-25/2065-2111 dated 13.11.2025 issued by the General Administration Department (Coordination Branch) on Tuesday, the L-G has declared the days as Bank holidays during 2025. Sr.No Date Day Occasion/Festival Date 1 26 January 2025…
The Government of Rajasthan in their Order No.16 (1).v.m./2024 dated 19.11.2024 declared bank Holidays under section 25 of NI act for the year 2025. The list of public holidays in Rajasthan in the year 2025 is as follows Sr.No Date Day Occasion/Festival Date 1 26.02.2025 Wednesday MAHASHIVRATRI 2 14.03.2025 Friday DHULANDI/HOLI 3 31.03.2025 Monday EID-UL-FITR…