Classification/Types of accounts in accounting i.e. accounts are classified into two categories personal or impersonal accounts. Impersonal accounts can be further sub-divided into real or nominal accounts. Lets understand meaning of account in brief. Accounting means system of classifying, summarizing…
Default in filing income tax return If a return of income is furnished after the due date or is not furnished, the assessee is liable to pay interest u/s 234A of income tax act. Index : What is section 234A…
Section 40A(3) of income tax act state amount not deductible in respect of expenditure exceeding Rs. 10,000. What is section 40A(3) of income tax act? It means if assessee incurs any expenditure in respect of which payment in excess of…
Contingent liabilities means possible obligation arising from past events and may arises in future depending on occurrence and non-occurence of one or more uncertain future events. In other words contingent liabilities are potential liabilities that may or may not occur…