COLLECTION OF INSTRUMENTS 1. What happens if there are delays in cheque clearing? Local Cheques Local cheques are payable within the jurisdiction of the clearing house and will be presented through the clearing system prevailing at the centre. Credit arising out of local cheques shall be given to the customer’s account at the next day… Read More »
CHEQUE TRUNCATION SYSTEM (Updated as on 30-4-2012) 1. What is Cheque Truncation ? Truncation is the process of stopping the flow of the physical cheque issued by a drawer at some point with the presenting bank en-route to the drawee bank branch. In its place an electronic image of the cheque is transmitted to the… Read More »
NEFT SYSTEMS Q.1. What is NEFT? Ans: National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in… Read More »
RTGS SYSTEM Q1. What is RTGS System? Ans. The acronym ‘ RTGS ‘ stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). ‘Real Time’ means the processing of instructions at the time they are received rather than… Read More »
ATM’S Q. 1. What is an Automated Teller Machine ( ATM )? Ans1. Automated Teller Machine is a computerized machine that provides the customers of banks the facility of accessing their account for dispensing cash and to carry out other financial & non-financial transactions without the need to actually visit their bank branch. Q.2. What… Read More »
COMPANIES (INDIAN ACCOUNTING STANDARDS) RULES, 2015 NOTIFICATION [F.NO.01/01/2009/CL-V(PART)], DATED 16-2-2015 They shall come into force on the 1st day of April, 2015 Indian Accounting Standards (Ind AS) Presentation of Financial Statements (Ind AS 1) (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type… Read More »
Question: Does the liability of the Assessee ceased to exist, when the Sundry Creditors did not demand payments from more than 10 years, and hence this liability has to be added under section 41(1) and the tax has to be paid on it ? Answer Yes , During assessment proceedings, Assessing Officer asked assessee to… Read More »