An audit conducted in between two annual audits is called Interim Audit. Whenever, a company wants to declare interim dividend it becomes necessary to get ...

Continuous audit is an audit, which is conducted continuously throughout the year at regular or irregular intervals during the financial year. Periodical audit ...

The clerical errors are of three types: Errors of Commission: It may be committed either at the stage of recording a transaction in a books of accounts or ...

Accountancy and Auditing are not the same thing. Following are the differences between Auditing and Accounting: Origin: Accountancy was originated in 1494 ...

Incomes deemed to be received refers to the incomes which have not actually being received but are a part of the income of the assessee under the law. These ...

The New Economic Policy 1991 was initiated by Prime Minister Rajiv Gandhi, in 1985. In 1991, P.V. Narshimahrao, the then prime minister of the country pushed ...

The Major Achievements of New Economic Policy are: GDP Growth: GDP rose from 0.8 percent in 1991-92 to 7 percent for the period from 1994-95 to 1996-97. ...

Agricultural income is defined as that income which is in the form of rent or any other form which is earned from a land situated in India and which is being ...

Difference between Casual Income and Gift. Casual income is defined as an income which is not an expected regular income and occurs suddenly as a windfall ...

Difference between Assessment Year and Previous Year are: ASSESSMENT YEAR. The definition of the assessment year is given in Section 2(9) of the Income Tax ...