Capital Gains is taxable under section 45 (1) Section 54 relates with the capital gain exemption on sales of a house. Movable assets like car,refrigerator television etc are exempted from capital gains tax Rural agricultural land is not regarded as capital asset. Rural land if 10,000 – 1,00,000 = 2 KM 1,00,000 – 10,00,000 = 6 KM 10,00,000- Above Read More …
Measure of Central Tendency
The formula N/2 to measure median is used in continuous series. While N/2+1 is taken in individual and discrete series. Median and mode can be obtained by graphical method but mean cannot be. Median and mode are positional average whereas mean is a mathematical average. All types of means are mathematical average. A dataset may have no mode and every Read More …
Basics of Auditing Part-1
An auditor is a watchdog and not a blood haund. Audire means to hear. Main objective of audit is dependent on type of audit. Concealment of shortage by delaying the recording of cash receipt is misappropriation. Lapping is Teeming and Lading. auditing is only related to detection and not prevention. Sale to Mr. A recorded as Sale to Mr. to Read More …
Company Law MCQs Part-2
Shelf Prospectus section 31, Red herring prospectus section 32. Oral Invitation is not a prospectus. Information memorandum+ shelf prospectus =Prospectus. Untrue statement in the prospectus will result in imprisonment of 10 years A company proposing to issue red herring prospectus shall file it with the registrar at least 3 days prior to the opening of the subscription list and the Read More …