Materiality concept in accounting guide the recognition of transactions. Materiality concept ignores the other concept if the effect is not considered material. What is materiality concept in accounting? Materiality concept in accounting is an accounting convention that guides the recognition…
Fundamental accounting assumptions is the basic assumption followed by every entity. If nothing has been written about the fundamental accounting assumption in the financial statements then it is assumed that they have been followed in their preparation of financial statements.…
TDS on fees for professional or technical services As per section 194J of income tax act, 10% TDS is to be deducted on fee for professional or technical service, if the payment exceeds Rs.30,000. Points covered: What is section 194J…
Inquiry Notice before Assessment Section 142(1) of income tax act states that inquiry notice before assessment. And this notice can be issued by assessing officer (A.O.) to any person. Further, notice under section 142(1) of income tax act is issued…
Revised return u/s 139(5) of income tax act means if a person having furnished the ROI within the time allowed under section 139(1) OR 139(4) and discovers any error or omission or any wrong statement . Then he may…