The formation of a company involves several crucial steps that transform a business idea into a legally recognized corporate entity. The initial phase begins with […]
A Comprehensive Guide to Materiality in Auditing
The concept of materiality is fundamental to the audit process. It plays a crucial role throughout the engagement, from planning and risk assessment to the […]
Understanding Capital Assets Under Section 2(14) of the Income Tax Act
Section 45 of the Indian Income Tax Act is a key provision dealing with the taxation of capital gains arising from the transfer of capital […]
Understanding Consideration Under the Indian Contract Act, 1872
If Ram says to Shyam, “I promise to give you Rs. 1000 on June 1,” and Shyam replies, “I gratefully accept your promise,” should Shyam […]
Understanding Section 194R: TDS on Benefits or Perquisites Explained
Section 194R of the Income-tax Act was introduced to bring within the tax net non-monetary or in-kind benefits or perquisites provided to business professionals or […]
Understanding Revenue from Operations: Meaning, Significance, and Case Studies
Revenue from operations is a critical metric in financial analysis and plays a fundamental role in determining the health and performance of a business. It […]
Understanding Final Accounts and Their Accounting Treatment
Final accounts are the ultimate outcome of the accounting process and provide a summary of the financial results and position of a business entity. For […]
A Guide to Capital Gains Under the Income-Tax Act and How to Compute Them
Any gain arising from the transfer of a capital asset during a previous year is chargeable to tax under the head “Capital Gains” in the […]
Essential Accounting Principles for Partnerships
According to Section 4 of the Indian Partnership Act, 1932, a partnership is the relation between persons who have agreed to share the profits of […]
Accounting Basics: Meaning, Concepts, and Importance
Accounting is often referred to as the language of business across the world. In simple terms, a language is a system of communication that uses […]
Section 148A Explained: Procedure Before Reassessment Under Income-Tax Law
In the past, notices under section 148 were often issued merely based on information received by the Assessing Officer from other authorities or agencies. These […]
Contract Costing 101: Key Terms, Formulas, and Practical Insights
Contract costing is a specific type of cost accounting used for large and long-term projects, particularly in industries like construction, engineering, and infrastructure. It is […]
Understanding GST: Definition, Key Features, and Benefits
Goods and Services Tax is a tax on the supply of goods or services or both, excluding alcoholic liquor for human consumption. This definition is […]
Income Tax Slabs and Rates for Assessment Year 2024-25 Explained
Income tax is a form of direct tax levied by the Government of India on the income earned by individuals, Hindu Undivided Families (HUFs), companies, […]
Section 10(10D): Tax-Free Life Insurance Proceeds Explained
Life insurance is a financial contract between an individual and an insurance company. The policyholder agrees to pay a specified premium at regular intervals, and […]