If a property is purchased by availing a mortgage or if it has been pledged, the lender will add a “Lien” or a charge to the property. This will ensure that the borrower/property owner does not sell the property until the mortgage is paid in full. An Encumbrance Certificate is a legal document which will […]

AS 17, or Accounting Standard 17, mandates how enterprises should disclose financial information about their operating segments and geographical segments in their financial statements. The standard aims to provide transparency and clarity regarding an enterprise’s business activities and economic environment. DEFINITION A BUSINESS SEGMENT, is defined as a distinguishable component of an enterprise that is

An injunction is a legal remedy which a court of law grants to prohibit a party to a case from doing some wrong act or continuance of a wrongful act which has already begun. When a person or entity does not comply with an injunction granted by a court, such person or entity can face criminal/civil

The term horticulture is derived from two Latin words Hortus, meaning ‘garden’, and Cultura meaning ‘cultivation’. It refers to crops cultivated in an enclosure, i.e., garden cultivation. It is the culture of plants for food, comfort, and beautification purposes. The plants focused on are mainly vegetables, trees, flowers, turf, shrubs, fruits and nuts. However, advancements in horticulture

Cardless Cash Withdrawal is a secure and convenient way to withdraw cash from an Automated Teller Machine (ATM) without any debit or credit cards. Cardless Cash Transactions allow you to transfer money between different bank accounts without needing a physical card. What is Cardless Cash Withdrawal? Cardless cash withdrawal is a convenient banking feature that allows you to

An NGO is a non-government organization with a charitable objective, for the betterment of the society in general. It can be started as a Trust, a Society or a Non-Profit Company [Section 8 Company], depending on the activity you wish to undertake. In India, NGO is an umbrella term for all non-profit organizations including Trust, Society

The allowance is paid to an employee to compensate for the travel they have to undertake from their residence to the workplace. The amount payable as an allowance depends on how far an employee has to travel, and the modes of transportation used. The greater the distance that has to be covered by the employee,

Voluntary Provident Fund (VPF) is a voluntary fund contribution from the employee towards his Provident Fund account. This contribution is beyond the EPF contribution. It is not a compulsory investment but is usually opted for by individuals to secure the retirement phase. The maximum contribution in VPF is up to 100% of the basic salary

Cheque Truncation is a process in which the physical movement of a cheque issued by the drawer at the presenting bank is stopped before it reaches the paying bank branch. This system means instead of moving the physical form of cheque, now one bank can send the scanned image of the cheque in electronic form

Taxes implemented on a company or individual can be of different types based on their income and deductions. In India, TCS stands out as the highest corporate taxpayer, while Akshay Kumar and Mahendra Singh Dhoni have been the highest tax-paying individuals.  In India, individuals and businesses are liable to pay direct taxes based on their