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It has been decided by the Ministry of Corporate Affairs vide its GENERAL CIRCULAR NO. 8/2012, DATED 10-5-2012 to mandate the cost auditors and the companies to file Cost Audit Reports (Form-I) and Compliance Reports (Form-A) for the year 2011-12 onwards (including the overdue reports relating to any previous year) by using the XBRL taxonomy....
An assessee is free to adopt an accounting method -mercantile or cash – or even a method of accounting which is regularly employed by it . The basic thing is that the accounting system adopted should be fair and should be followed regularly. This is what section 145 of the I T Act provides.However,under Companies...
RBI has issued CIRCULAR DNBS.CC.PD.NO. 250/03.10.01/2011-12, DATED 2-12-2011 by which it is stated that a new category of Non Banking Financial Company for Micro Finance sector is created.Thus, a separate category of NBFCs viz; Non Banking Financial Company-Micro Finance Institution (NBFC-MFI) is created. Now the 8 types of NBFC are i. Asset Finance Company (AFC)...
In order to eliminate inconveniences caused due to payment processing delays,MCA (Ministry of Corporate Affairs) has introduced payment of MCA fees via NEFT (National Electronic Fund Transfer) mode, in addition to already exiting payment methods. Currently MCA payments are allowed via Credit Card, Internet Banking & Physical Challan and also through internet banking facilities of...
Reserve Bank of India has changed the schedule for filing the returns by Non Banking Financial Companies ( NBFC ) who are required to file various returns related to deposit acceptance, Prudential Norms, Capital Market exposure. The changes in filing schedule are : NBS-1 -Annual Returns on deposits in First Schedule- is now to be...
Deduction u/s 80D of the Income Tax Act provides relief to tax payer by allowing a deduction in … [Read More...]
Capital gains exemption u/s 54 provides relief to a tax payer who gets gains on account of sale of … [Read More...]
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Quiz for CA/ICMA/CS Students