What is Financial Year & Assessment Year?
Financial Year is different from the Assessment Year. Financial Year is the year in which income earned and Assessment Year is the year in which income is assessed and taxed.
Financial
Income Tax Related Tasks to finish before 31st March, 2022
31st March, 2022 is around the corner. The taxpayers must make sure that they complete the following 10 income tax tasks before the deadline of 31st March ends. 1. Filing …
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Know All About Union Budget, 2022
Finance Minister Smt. Nirmala Sitharaman presented her 4th Union Budget in the Parliament on 1st February, 2022. While there have no change in Income Tax Slabs and income tax deductions, …
Know About Systematic Investment Plan (SIP)
What is SIP? Systematic Investment Plan, most popularly known as SIP is an investment plan that allows you to invest small sum in your preferred mutual fund in a disciplined …
Know About Taxability of Intraday Trading
The term Intraday Trading means that the buying and selling of the stocks are done on the same day. While buying stock, the person has to specifically mention ‘intraday’ on the portal through which he is buying stocks. Through this trading, the traders earn money by buying or selling stocks and derivatives on the same day from price fluctuations at given point of time. The profits earned on this intraday trading of stocks are speculative gains and loss as speculative loss.
Fundamentals Accounting Assumptions: An Overview
Financial Statements are prepared based on certain assumptions and three fundamental assumptions are: Going Concern, Consistency and Accrual.
How to determine your Net Worth?
Net worth, in layman’s language means the sum of all the assets owned by an individual or a company, minus any debts or liabilities. This net worth help in measuring wealth and works as a financial indicator for all the persons.
The formula for calculating net worth for company is calculated in the same way as the net worth of an individual is calculated i.e., by subtracting net liabilities from net assets.
Net worth of company = Net Assets – Net liabilities
Types of Golden Rules of Accounting
Golden Rules of Accounting provides the basis to record all day to day financial business transactions in the Journal Book. Every entry in this book has a Double-Entry System. To understand the Golden rules of accounting, first, we have to know the types of accounts as per the golden rules of accounts because rules are applied to the transaction on the basis of the type of accounts included in the transaction.
Know About Repo Rate & Reverse Repo Rate
The central bank of India i.e., Reserve bank of India (RBI) formulates and monitors various policies which to regulate the flow of money in the economy. These policies also help in controlling the situations of inflation in the country. In this context, repo rate and reverse repo rate are instruments of RBI’s monetary policy that can help control the money supply in the economy.
Know How is Nifty and Sensex Calculated?
Nifty and Sensex, both are calculated based on free-float market capitalisation method. Similar to nifty, sensex is also reflector of market.