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Feb21
2018
Just about two years ago, banks, fintech companies, software biggies and governments across the world tried and tested cryptocurrency projects, giving a jumpstart to crypto revolution that involved trading and investments on Bitcoins. In India, trading on multiple cryptocurrencies has become as popular as investing in other capital assets to create a cashless economy.
Conversely, this has driven the tax authorities in India to roll out a strict, new tax law to regulate the earnings from the sale of crypto-assets that are classified as digital currencies, alternative currencies and virtual currencies.
Bitcoins and other cryptocurrencies are no-doubt viewed as hot, virtual assets. Though it is still unclear whether the RBI would treat it as ‘currency’, the crypto-assets will be subject to the regulations as per the Foreign Exchange Management (FEMA) Act, 1999. However, the catch is cryptocurrencies do not qualify as physical instruments such as currency notes, cheques, drafts, letters of credits, bills of exchange and promissory notes.
So what exactly is a Bitcoin? To understand thoroughly, below are some trivia and basics about cryptocurrencies.
Feb19
2018
What is Demand?
In layman's terminology, to demand something means to ask for something. However, in economics, the term "demand" has a special meaning. In economics, "Demand" of a commodity or service is the quantity that people are willing and able to buy at a certain price, per unit of time. Hence, the demand of any goods or service depends on two factors namely the ability of a person to buy such goods or services at a given price and willingness of that person to pay the given price for the commodity or service. Demand is a very complex phenomena in an economy. Many factors like price of the commodity/service, total supply, price of related goods / services, demographics etc. affect the determination of demand in the economy.
Feb16
2018
The amount of long term capital gain arising from sell of long term capital assets like house property is very large. Such gains are taxed at 20% as long term capital gain tax. The tax amount payable in such cases comes up to be very high. In order to provide relief to the tax payers, the Government of India has come up with certain exemptions from Long Term Capital Gain under section 54, 54EC and 54F. Let us understand these sections into detail:
Feb15
2018
Continuing our series on the relevance of accounting professionals for small and emerging businesses, we wish to shed more light at the trends impacting the overall community of ‘financial pillars’ of the Indian economy.
Not so long ago, very few, on-premise, legacy software were available for companies to facilitate complex accounting practices. Today, there is an endless list of accounting software for companies of all sizes and even individuals to use as per their convenience. A short after the demonetization our country, the government was alerted by the severe shortage of accountants and accounting jobs. With the onslaught of accounting software, it did seem that, very soon autobots or even Siri or Alexa may be readily dispensing investment suggestions over digital devices.
Feb12
2018
Accounting and business goes hand in hand. And with the booming startup scenario in India, the scope and role of accounting has been redefined with the growing number of employment opportunities and emergence of new, sustainable goals for business collaborations.
Today’s expanding community of crowd-funded startups in India is largely dependent on the technological and accounting framework for long term success. Besides, they are also under great pressure to push the millennial, Indian businesses at the global front row. This strong start-up culture has amplified the need to hand over the reins of complex business and financial operations to young and dynamic accounting professionals.
Feb08
2018
Leave Travel Allowance aka LTA is a type of allowance provided by an employer to an employee in the form of reimbursement of travelling expenses. Such travelling expenses reimbursed by employer forms part of total salary of the employee. However, an employee can claim tax exemption from such LTA received from an employer. In this article, we have covered most frequently asked questions regarding LTA.
