Reserve Bank of India has introduced prudential norms for income recognition of the advances portfolio of the banks. These norms are used during the year by bank to recognize its income. At the end of the year, auditor is required to see whether these income recognition norms are followed or not, in addition to other requirements. As per the present norms introduced … [Read more...] about RBI Prudential norms for Income recognition in case of NPA and standard assets
Archives for July 2015
How interest for default in furnishing return of income is calculated – Section 234A
In income tax, we have certain cases where the assessee is required to pay interest compulsorily either for default in furnishing return of income or payment of tax or failure to pay or deduct TDS. Today, through this write up, we are going to discuss how to calculate interest in case of default in furnishing return of income or is not furnished. This provision is specified … [Read more...] about How interest for default in furnishing return of income is calculated – Section 234A
Now you can claim your tax refund for six years and carry forward losses
As per the present tax laws, assessee is required to file return of income with IT department if his gross total income exceeds the amount of the basic exemption limit. It does not mean than those having income less that the gross total income cannot file their tax return. If you want to claim refund for the excess TDS deductions then it can be done by filing a tax return … [Read more...] about Now you can claim your tax refund for six years and carry forward losses
Quorum for meeting of the board of directors – Section 174
A quorum for board meeting means the minimum number of directors necessary to conduct the business of the company in a meeting of board of directors. Provisions related to quorum of board meeting are now specified in section 174 of Companies Act 2013 which replaced the old section 287 of Companies Act 1956. As per section 174 of Companies Act 2013, quorum of meeting of board … [Read more...] about Quorum for meeting of the board of directors – Section 174