Book keeping is concerned with the systematic recording of transactions in the books of original entry and their posting into ledger. In involves: ...

The Scope of Auditing:  In the case of sole proprietorship and partnership firm. Where audit of accounts is not compulsory, the scope of audit, if ...

An audit may be said to be such an, examination of the books of accounts and vouchers of a business as will enable the auditor to satisfy that the Balance ...

Tax Incidence of an Assessee: The total income of an assessee will be different depending upon whether he is Resident,Not ordinarily ...

Liability: Liability: is an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use ...

Income Deemed to be Received in India (Sec. 7]: The following incomes which are not actually received in India during previous year, but the law considers ...

Set off of Long-Term Capital Losses: Long-term capital losses can be set-off against any long-term capital gain in the same assessment year. If such loss ...

Exemption of Capital Gain on Transfer of Agricultural Land : Exemption of capital gain arising from the transfer of capital asset being agricultural land ...

Annual Accretion:  means accretion to the balance on the previous year at the credit of the employee. Participating in a Recognized provident fund to the ...

Set-off of Business Loss Business loss first can be set-off against the profits of any other business in the same year. If in the same year, business head ...

Deemed owners, : The following person Who are actually not the legal owners of the house property are deemed to be the owners of the property for income tax ...

Distinction between short-term capital gain and Long term capital gain : Capital gain arising from the transfer of along -term capital asset is along-term ...