Accrual accounting is a financial accounting method that allows a company to record revenue before receiving payment for goods or services sold and record expenses as they are incurred. In other words, the revenue earned and expenses incurred are entered into the company’s journal regardless of when money exchanges hands. Accrual accounting is usually compared […]
Tax deduction at source, i.e., giving the receiver money after deducting tax from it. Taxes have been an age-old concept. But, its inception in GST is quite recent. Now, the notified classes of persons are required to comply with provisions of TDS under GST.https://www.gst.gov.in/ TDS (Tax Deducted at Source) is a mechanism under Goods and Services
Establishment and incorporation of Reserve Bank (1) A bank to be called the Reserve Bank of India shall be constituted for the purposes of taking over the management of the currency from the Central Government and of carrying on the business of banking in accordance with the provisions of this Act. (2) The Bank shall
The Entrepreneur Development Scheme (EDS) is a government initiative aimed at promoting entrepreneurship and self-employment by providing financial assistance, skill development, and support services to budding entrepreneurs. The scheme is designed to encourage individuals, especially from weaker sections, to start their own businesses and generate employment opportunities. Objectives of the Entrepreneur Development Scheme Promote Self-Employment:
Definitions In this Act, unless there is anything repugnant in the subject or context,— (a) [***] [(ai)] [***] [(aii)] “the Bank” means the Reserve Bank of India constituted by this Act; [(aiii) “Bank for International Settlements” means the body corporate established with the said name under the law of Switzerland in
Short title, extent and commencement (1) This Act may be called the Reserve Bank of India Act, 1934. (2) It extends to the whole of India [***]. (3) This section shall come into force at once, and the remaining provisions of this Act shall come into force on such date or dates as the Central Government may,
The government has notified changes to MSME classification criteria, revising investment and turnover limits effective April 1. Micro enterprises can now invest up to ₹2.5 crore (earlier ₹1 crore), with a turnover cap of ₹10 crore (earlier ₹5 crore). The government has notified significant revisions to turnover and investment criteria for classifying MSMEs that will
Property registration is a legal process of recording the property transaction with the Jharkhand government. It establishes ownership rights and protects the buyer from future disputes. The registration is governed by the Indian Registration Act, 1908 and the Jharkhand Registration Rules. Why is Property Registration Important? Legal ownership proof: The buyer becomes the legal owner
In the corporate framework, shareholder voting rights play a crucial role in decision-making and governance. Section 47 of the Companies Act, 2013, establishes the legal foundation for shareholders’ voting rights in India. This provision ensures equitable participation of shareholders in corporate affairs, outlining the specific rights of equity and preference shareholders. Voting Rights of Equity
The Articles of Association (AoA) is a fundamental document that defines a company’s nature, purpose, and operational framework. Along with the Memorandum of Association, it constitutes the company’s legal foundation. The AoA must be submitted at the time of incorporation and outlines the responsibilities of directors, the type of business the company will undertake, and
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