What is the accrual and cash basis of accounting?
In the accounting procedures, there are two methods of recording accounts viz. Accrual basis of accounting and cash basis accounting. Accrual accounting is a financial accounting method that allows a company to record revenue before receiving payment for goods or services sold or expenses are recorded as incurred before the company has paid for them.…
Read article
View AIS- ‘Annual Information Statement’ of the income tax dept. before finalizing your tax liability
Edited on 28.04.2022 The Income Tax Department has announced the introduction of a new statement called ‘Annual Information Statement (AIS)’ which would provide you with almost all the details about your financial transactions during the year. Compared to Form 26AS which has been primarily providing information related to taxable income and tax deducted at source…
Read article
Do you know what is RBI Retail Direct Scheme and facilities available to individuals?
The Reserve Bank on Friday (12.11.2021) announced the activation of the RBI Retail Direct (RBI-RD) Scheme with effect from today. RBI-RD Scheme will bring G-secs such as Government of India Treasury Bills; Government of India dated securities; Sovereign Gold Bonds (SGB); and State Development Loans (SDLs), within easy reach of the common man by simplifying…
Read article
FCNR (B) Accounts interest rates on deposits during LIBOR transition: RBI advises banks to use ARR
Edited on December 6, 2024 With the expectation that the publication of the London Interbank Offered Rate (LIBOR) as a benchmark rate will cease by the end of 2021, RBI permitted banks to offer interest rates on FCNR (B) deposits using the widely accepted ‘Overnight Alternative Reference Rate (ARR)* for the respective currency’ with upward…
Read article
GIFT TAX Rules: Find out who needs to pay tax on gifts received
This article talks about how gifts are taxed in India and who need not pay tax on gifts received. Gifting has always been seen as a way for people to express love and affection. Yet, with the increased focus on taxation, the legislations have been penned so as to levy tax on gifts. The Act…
How account aggregator framework helps borrowers, Banks, and Money Managers?
With the account aggregation solutions, the user doesn’t have to physically provide hard copies of documents from various financial information providers like Banks/NBFCs, Mutual Fund Houses, and Insurance companies to various users like cash flow based lenders, personal finance managers, wealth managers, and Robo advisors in a secure and effectual manner. Through AA all financial…
Read article