Demand Draft (also known as DD) is a pre-paid negotiable instrument, wherein the Bank by whom the Demand Draft has been made undertakes the responsibility to make full payment whenever the Instrument is presented for payment. In order to obtain...

Cash Flow Statement also known as Statement of Cash Flows is a statement which shows the Changes in the Cash Position of an organisation between 2 periods. Along with showing the changes in the Cash Position of an organisation, it...

Funds Flow Statement is a statement prepared to analyse the reasons for changes in the Financial Position of a Company between 2 Balance Sheets. It shows the inflow and outflow of funds i.e. Sources and Applications of funds for a...

With the advent of computerisation, everything has now gone online – newspaper has been replaced by e-newspaper, greeting cards have been replaced by e-greeting cards and income tax returns have been replaced by e-income tax returns. The computerisation of the...

Revised Return of Income Tax can be filed by an assessee any time before the expiry of the Relevant Assessment Year or before the completion of assessment (whichever is earlier). In simple words, in case you have filed your Income...

As per Section 195 of the Income Tax Act 1961, every person liable for making a payment to non-residents shall deduct TDS from the payments made or credits given to non-residents at the rates in force.  The Reserve Bank of...

Form 12B is required to be furnished as per Rule 26A by a person joining any organisation in the middle of the year and is a form for furnishing the details of income earned from the previous employer. It is...

Form 16A is a TDS Certificate certifying the amount of TDS deducted, Nature of Payments & the TDS Payments deposited with the Income Tax Department. As per the Income Tax Act, TDS is liable to be deducted on all other...

TAN Number is a 10 Digit Alphanumeric Number and is used as an abbreviation for Tax Deduction and Collection Account Number.  Every Assessee liable to deduct TDS is required to apply for a TAN No. and shall quote this number...

TDS Payment is liable to be made by any assesse who has deducted TDS at the time of incurring any expenditure. The Due Date for TDS Payment is separate for Govt. and Non-Govt. assessee’s as mentioned below Due Date for...