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 Allowances are given to an employee to meet some specific type of loss or expenditure of the employee or to help him meet certain type of expenses. For example, house rent allowance is given to help the employee to pay house rent or to get a house on rent. We can categories the allowance in three groups on the basis of their tax treatment:  1. Fully Exempted: a. Foreign Allowance only in case of government employees posted outside India. b. House rent allowance given to judges of High court and Supreme court. c. Sumptuary allowance given to judges of High court and Supreme court. d. Allowances from UNO e. Allowance to teachers or professor from SAARC member states. f. Allowance to member of union public service commission. 2. Fully taxable: a. Dearness Allowance additional dearness allowance, high cost of living allowance. b. City compensatory allowance. c. Capital compensatory allowance. d. Lunch allowance. e. Tiffin allowance. f. Marriage allowance. g. Family allowance. h. Deputatio

 UGC has released a new tentative calendar for First year/semester admission 2020-2021. The details about the notification is explained the in video below. Do watch the video to get the full information as it is very important for everyone to know about it. Do like share and subscribe my channel. Thank you 

 In this video you all will find weekly based current affairs which will be useful for all those who are preparing for various competitive exams. Subscribe to my channel for weekly updates of it,

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Hello readers here in this video I have listed out the major 10 points of the new education policy 2020.

Watch this video to know the details about the new guidelines issued by UGC regarding Final semester examination:

State Bank of India (SBI) on Friday re-launched the ‘SBI Insta Saving Bank Account’, an Aadhaar-based instant digital savings account, for customers who would like to open an account via the bank’s digital banking platform, YONO. India’s largest bank, in a statement, said this new service will offer a complete paperless and instant digital savings account opening experience with just the PAN and Aadhaar details. Rajnish Kumar, Chairman, SBI, said: “This product would be beneficial to customers in the prevailing Covid-19 situation, who can open savings account in the comfort of their homes, without visiting a bank branch.” SBI Insta Saving Bank Account holders can have 24x7 banking access. SBI will also issue basic personalised RuPay ATM-cum-debit card to all the new account holders of Insta Saving Bank Account. “To open the SBI Insta Saving Bank Account, customers just need to download the YONO app, enter their PAN and Aadhaar details, submit OTP, and fill in other relevant detail

Th is video will give you all the information regarding how to apply for Permanent Account Number that also free of cost in 10 minutes. How to apply? what are the important points to keep in mind all details are given in the video. For Applying visit the Website of Income tax given below: https://www.incometaxindiaefiling.gov.in For youtube video making accessories : https://amzn.to/2LYUk82

In this video I have discussed about various questions that comes in our mind regarding printing of money by the government and distributing it among the country man. what are the problems? why can't government do it? Giving money to poor will reduce poverty then why government can't do it? Our country will become rich then why can't government print more currency to make our country rich? What are the side effects? will our economy have any effect? All such doubts will be cleared after watching this video.

The Senior Citizen Savings Scheme is ideal for senior citizens who want a safe haven for investment and save tax at the same time. If you are a senior citizen over the age of 60, you will want two basic things from your investment – safety and regular income. The Senior Citizen Savings Scheme (SCSS) meets these two requirements, and you get a deduction from taxable income on it too. The scheme is run by the Government of India. The SCSS interest rate for April to June 2020 has been set at 7.4%. This is the highest interest rate among the various small savings schemes in India. SCSS is available through Public / Private sector banks and India Post Offices. The duration of SCSS is five years, comparable to NSC and five-year bank fixed deposits. It can be extended by another three years. You can invest a minimum of Rs. 1,000 and in multiples thereof. The maximum amount that can be invested is Rs. 15 lakh.

Liquidation or winding up is a legal term and refers to the procedure through which the affairs of a company are wound up by law. Winding up of a company has been defined in the companies Act 2013 as the process whereby its life is ended and its property is administered for the benefit of its creditors and members. Following are the consequences of winding up: 1. An officer who is called as a liquidator is appointed and he takes over the administration of the company. In case of compulsory winding up, the official liquidator attached to the High Court, functions as liquidator of the company. In case of voluntary winding up by members, such an official is appointed bu the members and in case the voluntary winding up is by creditor, both the members and creditors may appoint such an official. 2. The powers of the board of directors will cease and will now vest the liquidator. 3. Winding up order or resolution of voluntary winding up shall operate as a notice of discharge to all

As we know, the main job of the liquidator is to collect the assets of the company and realise them and distribute the money realised among right claimants. For this purpose he maintains a cash book for recording the receipts and payments and is required to submit an abstract of the cash book to the court in case of compulsory winding up and to the company in case of voluntary winding up. The liquidator is also required to prepare an account of winding up known as liquidator's Final Statement of Account after the affairs of the company are fully wound up. This account takes the form of Cash Account and the following receipts are shown on the debit side of this account:- (1)  Amount realised on sale of assets. (2)  In case of assets specifically pledged in favour of creditors, only the surplus from it, if any is entered as surplus from securities. (3)  Amount received from delinquent directors and other officers of the company. (4)  In case of partly paid up shares, the h

Section 271 of the companies Act 2013 provides the circumstances for compulsory winding up of the company: A company may, on a petition under section 272 be wound up by the tribunal - (a)  If the company is unable to pay its debts (b)  If the company has, by special resolution, resolved that the company be wound up by the tribunal. (c)  If the company has acted against the interest of the sovereignty and integrity of India, the security of the state, friendly relations with foreign states, public order, decency or morality. (d)  If the Tribunal has ordered the winding up of the company under Chapter XIX (of the companies Act 2013 dealing with revival and rehabilitation of sick companies). (e)  If on application made by the registrar of any other person authorised by the central government by notification under this Act, the Tribunal is of the opinion that the affairs of the company have been conducted in a fraudulent manner or the company was formed for fraudulent and unla

Liquidation or winding up is a legal term and refers to the procedure through which the affairs a company are around up by law. Winding up of a company has been defined in the companies Act 2013 as " the process whereby its life is ended and its property is administered for the benefit of its creditors and members. A company being a creation of law, cannot die a natural death. It comes to an end by law through the process of liquidation or winding up. The process of winding up of a company is that a liquidator is appointed who is ebtrusted with the following duties:   (a)  Selling of the assets of the company.   (b)  Paying off its liabilities.   (c)  If there is any deficiency to pay to the creditors, the shareholders are called upon to pay unpaid amount on their shares.   (d)  If there is any surplus after clearing off the liabilities, it may be distributed to the contributories according to their rights under the articles.    (e)  After going through the above pr

Employee Provident Fund or EPF acts as a saving tool for employees. In EPF accounts, the employees contribute 12 percent of their salaries, and an equal amount is contributed by the employers. Employees' Provident Fund Organisation (EPFO), the nodal body for EPF, allows subscribers to view their balance online through its website. EPFO also provides the balance information via missed call facility and SMS service. To check EPF balance, subscribers must have their Universal Account Number (UAN) activated. The UAN is an identification number mentioned in the monthly salary slip of an employee. It is unique for every employee enrolled under the EPF scheme. Here's a step-by-step guide on how to check your EPF balance:. To check EPF balance via EPFO's website Step 1:  Visit EPFO's official website -- epfindia.gov.in and log in Step 2: Go to ‘Our Services’ tab and choose the option that says “for employees” Step 3:  Click on the option ‘Member Passbook’ under

Appeal Appeal refers to an act of referring the case/matter/situation to higher authority against the order passed by a lower authority in respect of that case or matter. It implies a complaint to a higher authority against the order or judgement of an administrative authority or appellate authority. If an assessee is not satisfied by an assessment order/any other order issued by any income tax authority and such an aggrieved assessee can present his case before specified authorities prescribed under Income Tax Act. Such prescribed authorities constitute appellate authorities. Various Appellate Authorities under Income Tax Act 1961 1. Appeal to the commissioner (Appeals) (sec 246(2)) Any assessee aggrieved by any of the following orders may appeal to the commissioner against such order: (i) Against an order passed by a Joint commissioner u/s 115VP      (3)(ii) or an order making the assessee liable to tax but where       he denies his liability. (ii) An order of assessme

REVISION BY COMMISSIONER 1. Revision of orders Prejudicial to Revenue: Section 263 of the Act gives powers to Chief Commissioner or Commissioner to review any orders passed by Assessing Officer and to pass such orders thereon as the circumstances of the case justify, While passing such orders he may enhance, cancel or modify an assessment or he may order a fresh assessment. The assessee has to be provided an opportunity of being heard in this case. No order shall be made under this section after the expiry of two years from the end of financial year in which the order sought to be revised was passed.                             But under section 263(3) an order of revision may be passed at any time in the case of an order which has been passed in the light of any finding or direction contained in an order of the Appellate Tribunal, High Court or the Supreme Court. Under this section, the Commissioner has been armed with the power of revising an order of the Assessing Offi

THE POWER AND FUNCTIONS OF INCOME TAX AUTHORITIES: CBDT: 1. The board can declare any association whether incorporated or not and whether Indian, or Non Indian as company under the provision of Section 2(17) 2. The board has power to determine the jurisdiction of various authorities mentioned in this act. ( Section 118) 3. The board may issue directions for the exercise of powers and performance of the functions by all or any of these authorities. While issuing such direction the Board will keep in mind any of the following criteria such as: territorial area, persons or classes of person, incomes or classes of incomes and cases or classes of cases. (section 120(1) and (3) 4. The board may authorise by general or specific order, director general or director to perform the powers of any of the income tax authorities. (section 120) 5. The board may authorise any of the authorities to exercise its power concurrently with any pother authority. In case such notification is issued

Central Board of Direct Taxes is the highest authority in the administrative set of the Income tax department. It was constituted under the provision of Central Board of Revenue Act 1963. The board functions under the control of Ministry of Finance, Government of India. Its jurisdiction is whole of India.  POWERS OF CBDT: The whole of income tax department is to be looked after by the board. It has to perform the function of administration, supervision and control of entire income tax structure in India. The orders and directions issued by the board are to be compared with all the subordinate authorities. The income tax Act provides following specific powers to the board: 1. The board can declare any association whether incorporated or not and whether Indian, or Non Indian as company under the provision of Section 2(17) 2. The board has power to determine the jurisdiction of various authorities mentioned in this act. ( Section 118) 3. The board may issue directions for th

MEANING: Analysis of Financial Statements is the process of establishing and interpreting the quantitative relationship between various related items of financial statements to make qualitative judgement about the liquidity, long term solvency, operating efficiency and profitability of the enterprise. Types of Financial Statement Analysis: 1. Internal Analysis and External Analysis:  Internal Analysis is conducted by the management to analysis the financial performance and position of the enterprise. It is based on detailed records since internal Analyst has access to the detailed records of the enterprise.                                                           External Analysis is conducted by the outsiders such as short-term creditors, long term leaders, investors, government agencies, credit rating agencies. It is based on published financial statements, directors report and Auditors Report. 2. Horizontal Analysis and Vertical Analysis : Horizontal Analysis involve

Analysis of Financial Statements is the process of establishing and interpreting the quantitative relationship between various related items of financial statements to make qualitative judgement about the liquidity, long term solvency, operating efficiency and profitability of the enterprise. Objectives of Financial Analysis: Some of the important objectives of Financial Analysis are as follows: 1. To determine liquidity(short term Solvency):   It helps in determining the ability of the enterprise to meet its short term obligations as and when they become due. 2 . To determine long term Solvency: it helps in determining the ability of the enterprise to pay the interest regularly and to repay the principal on maturity or in pre determined instalments at due dates. 3 . To determine operating efficiency with which resources are utilised  in generating revenue 4 . To determine profitability with respect to sales and investment. 5. To compare intra firm position: It helps

Financial statements are historical documents which show the organised summaries of detailed information about the financial performance and financial position of an accounting entity for an accounting period The users of Financial Statement are as follows: 1. Investors:   The investors are interested in information on the risk and return on their investments. they need information to determine whether they should buy or hold or sell the shares.They are also interested in information which enables them to assess the ability of the enterprise to pay dividends. 2. Employees:   Employees and are interested in information about the stability and profitability of their employers.They are also interested in information which enables them to assess the ability of the enterprise to provide remuneration, retirement benefits and employment opportunities. 3. lenders:   Lenders are interested in information which enables them to determine whether their loans and the interest will b