Deductions under Section 80C of the Income Tax Act

Let's Begin.... 1) In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, in accordance with and subject to the provisions of this section, the whole of the amount paid or deposited in the previous year, being the aggregate of the sums referred to in sub-section (2), as does not exceed one hundred and fifty thousand rupees (2) The sums referred to in sub-section (1) shall be any sums paid or [...]


 Meaning of Benami Transactions: "Benami transaction" means,— (A) A transaction or an arrangement— (a) Where a property is transferred to, or is held by, a person, and the consideration for such property has been provided, or paid by, another person; and (b) The property is held for the immediate or future benefit, direct or indirect, of the person who has provided the consideration, except when the property is held by— A Karta, or a member of a Hindu undivided family, as the case [...]

Accounting Standards and IFRS

OVERVIEW: What are Accounting Standards? What is IFRS? What is Convergence of Accounting Standards? Convergence of Indian accounting standards with IFRS Role of ICAI in convergence Role of SEBI in convergence Role of Industry Associations in convergence Advantages and Challenges for convergence Meaning of Accounting Standards: In order to ensure transparency consistency, comparability, adequacy and reliability of financial reporting, it is essential to standardize the accounting principles and policies, Accounting Standards provide framework and standard accounting polices so that the financial statements of different enterprises become comparable. Accounting Standards [...]


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What is it?? Does it really affects our lives?? Is there any need to understand it?? The answer is Yes….and the reason will be known to you as you will go through this article. First of all, let me explain you the meaning of : This is the system of our Thought Process running continuously in our mind either we are awake or sleeping. This is the real state of our mind that directs us regarding what to do or i can [...]