Too late to declare unaccounted money. You may be left with just Rs 7 for every Rs 100 declared

After banning the higher denomination currency, the government has issued a warning that records will be maintained by banks for those who deposit cash worth more than Rs 2.5 lakh between November 10 and December 30. The tax department will match the amount deposited with the income shown in the return filed over the previous … Continue reading Too late to declare unaccounted money. You may be left with just Rs 7 for every Rs 100 declared

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Guidance Note on Accounting for Depreciation in Companies

The council of the institute of Chartered Accountants of India has issued accounting standard (AS) 6 on ‘Depreciation Accounting’. This standard lays down general principles of accounting for depreciation applicable to all entities. As such, the Standard is applicable to companies also in matters where there are no specific requirements under the companies Act. AS … Continue reading Guidance Note on Accounting for Depreciation in Companies