Investing in a house property is one of the most popular investments, primarily because you get to own a home. Others may invest with the intention of profiting from the property when they sell it. It is important to note that a residential property is considered a capital asset for income tax purpo...
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According to the Income Tax Act, depreciation is the reduction in an asset's value brought on by use, deterioration, aging, or obsolescence. The Income Tax Act permits an entity's depreciation costs to be subtracted from its taxable income. Since depreciation is a non-cash expen...
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What are ROC compliances? Depending on the context, ROC (Regulatory Compliance) can mean different things. For example, it can refer to "Report on Compliance" in the context of PCI DSS (Payment Card Industry Data Security Standard), or it can have a broader meaning that encompasses regu...
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The 45-day MSME (Micro, Small, and Medium Enterprises) payment rule, also known as the TReDS (Trade Receivables Discounting System) rule, is a regulation that mandates large companies to make payments to MSMEs within 45 days of the confirmation of goods or services. This rule is significant because ...
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Indian Accounting Standards Indian Accounting Standards (Ind AS) are a set of accounting standards notified by the Ministry of Corporate Affairs (MCA), Government of India, in accordance with the Companies Act, 2013. These standards are largely converged with the International Financial...
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Important Things to do before financial Year End In India, the financial year is from April 1st to March 31st every year. As a result, the 31st of March is a critical deadline for meeting significant financial obligations. The mercantile system, also known as the accrual basis of Accountin...
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