Obligation of the Bank to transact Government business The Bank shall undertake to accept monies for account of the Central Government, [***] and to make payments up to the amount standing to the credit of [its account], and to carry out [its] exchange, remittance and other banking operations, including the management of the public debt [of the Union].
Cash basis refers to a major accounting method that recognizes revenues and expenses at the time cash is received or paid out. This contrasts accrual accounting, which recognizes income at the time the revenue is earned and records expenses when liabilities are incurred regardless of when cash is received or paid. What Is Cash Basis Accounting?
Contracts are an integral part of business and personal transactions. A contract is an agreement between two or more parties that creates a legal obligation to perform specific acts. Contracts can be classified into various types based on their formation, validity, nature, and execution. Understanding the different types of contracts is crucial for creating and
The Central Board of Direct Taxes (CBDT) has signed a record 174 Advance Pricing Agreements (APAs) with Indian taxpayers in FY25, marking the highest number finalised in a single financial year since the programme’s inception, the tax department said on Monday.An APA helps taxpayers and tax authorities agree on how to price transactions between related
The FSSAI has been established under the Food Safety and Standards Act, 2006 (FSS Act) which is a consolidating statute related to food safety and regulation in India. It ensures the food products undergo quality checks thereby curtailing the food adulteration and sale of sub-standard products. It is responsible for the registering and licensing of
The “ASEAN-India Research Training Fellowship (AI-RTF)” is a fellowship scheme initiated by the Department of Science & Technology (DST), Government of India. The scheme is launched as an initiative under the ASEAN-India Science & Technology Development Fund (AISTDF) to support young talented researchers/scientists of ASEAN member countries (namely Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia,
A number of factors determine the road tax imposed on a vehicle in Gujarat. Taxes are imposed on all types of vehicles. The amount paid as road tax varies based on the type of vehicle, its age and engine capacity as well as its purposes. How is Road Tax Calculated in Gujarat? Road tax in Gujarat is
Section 195 of the Income Tax Act, 1961 controls TDS deductions on non-resident Indian income and payments. This section lists provisions that help avoid double taxation and focus on NRI business tax deductions and rates. Who is a Non-resident? As per the said provisions, a person is said to be a non-resident in India if
The State Bank of India is known to be the largest bank with over two centuries of history in the country. It is a multinational, public sector bank that offers a broad range of financial products and services. The bank has its headquarters in Mumbai – India. It has over 25,000 branches throughout the country
In Maharashtra, obtaining a caste certificate is an essential process for individuals belonging to scheduled castes (SC), scheduled tribes (ST), other backward classes (OBC), and special backward classes (SBC). Caste certificate online Maharashtra serves as proof of an individual’s social status and helps them avail various benefits and opportunities provided by the government. With the
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