New Tax Regime Slabs Changed as well Standard Deduction Up for new tax regime
Finance Minister Mrs.Nirmala Sitharaman in her budget 2024-25 presentation proposed to increase the standard deduction for salaried employees from ₹50,000 to ₹75,000. Also, the deduction on family pension for pensioners is proposed to be enhanced from ₹15,000 to ₹25,000 under the new tax regime. The FM announced changes in new tax regime slabs Taxable Income…
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2024 Budget news updates
Union Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in Parliament today (July 23) at 11 am. The following announcements were made by the finance minister in presenting her historic 7th Budget with a focus on employment and skilling. PM package of five schemes of five schemes aimed at facilitating employment and skilling, with…
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Hire-purchase: Meaning and evolution of hire-purchase in India
Under the hire-purchase system, goods are delivered to the buyer at the time of the purchase agreement with a condition that Payment will be made in installments but a buyer will become the owner of goods only on the payment of the last installment. In this system, the buyer pays the price of the goods…
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Legal Aspects of Hire Purchase and Parties to a Hire Purchase Contract explained
The Hire Purchase Act, of 1972 defines a hire purchase agreement as an agreement under which goods are let on hire and under which the hirer has an option to purchase them by the terms of the agreement and includes an agreement under which: (i) Possession of goods is delivered by the owner thereof to…
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Market Share of Various Leased Asset Classes
Leasing in India is expected to become the preferred financial device for businesses seeking agility and cost-efficiency, promising significant growth with increasing awareness, new market players, and diversification of asset classes. The promising and growth-hungry small and medium Enterprises (SMEs) and startups, having a close eye on capital efficiency, are a confined user base for…
Impact of lease accounting on financial ratios
The impact of lease accounting on financial statements is substantial. Financial ratios are important tools used in accounting and financial analysis to gauge a company’s overall financial health. They are derived from financial statements like the balance sheet, income statement, and cash flow statement. These ratios can help in assessing various aspects of a business,…
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