Author: Beena Wilson

Auditing is a systematic and independent examination of financial information, records, statements, and operations of an organization to ensure accuracy, transparency, and compliance with applicable laws and regulations. The primary objectives of auditing include: Verification of Financial Information: Auditing aims to verify the accuracy and reliability of financial information presented in the organization’s financial statements.… Continue reading Objects of Auditing.

Section 195 of the Income Tax Act, 1961, deals with the deduction of Tax Deducted at Source (TDS) on payments made to non-resident individuals or foreign companies. Under this section, when certain specified payments are made to non-residents, the payer is required to deduct TDS at the applicable rates before making the payment. The purpose… Continue reading Section 195 of the Income Tax Act, 1961

Accrual basis accounting is an accounting method that recognizes revenues and expenses when they are earned or incurred, regardless of when the actual cash transactions occur. In this approach, financial transactions are recorded as they occur, and revenues are recognized when they are earned, not necessarily when the payment is received. Similarly, expenses are recognized… Continue reading Accrual base accounting

Financial markets and economic trends are closely interrelated. Financial markets are the mechanisms through which money and capital are allocated in an economy, and economic trends can have a significant impact on the performance of financial markets. For example, if the economy is growing, businesses are more likely to invest and hire new employees, which… Continue reading Financial Markets and Economic Trends

Debt management is the process of getting your debt under control through financial planning and budgeting. The goal of a debt management plan is to use these strategies to help you lower your current debt and move toward eliminating it. There are two main types of debt management plans: Debt consolidation: This involves consolidating all of… Continue reading Debit Management

There are many ways to invest your money to grow your wealth. Some of the most common investment options include: Stocks: Stocks are shares of ownership in a company. When you buy stocks, you own a tiny slice of that company and will benefit from any rise in its share price, as well as any dividends that… Continue reading How to invest your money to grow your wealth.

Choosing the right insurance can be a daunting task, but it’s important to do your research and make sure you’re getting the best coverage for your needs. Here are a few tips to help you choose the right insurance: Understand your needs. What are you looking for in an insurance policy? Do you need life insurance,… Continue reading How to choose the right insurance

Your credit score is a number that lenders use to assess your creditworthiness. It is based on a number of factors, including your payment history, the amount of debt you have, and the length of your credit history. A good credit score can help you get approved for loans and credit cards at lower interest… Continue reading How to improve your credit score

Here are the steps on how to file taxes: Gather your tax documents. This includes your Form 16 (if you are a salaried employee), Form 26AS (which shows all the TDS deducted from your salary), and any other documents that show your income and expenses. Choose the right income tax form. There are different income tax forms… Continue reading How to file tax

Under the old tax regime in India, here are some tax-saving ideas you can consider: Utilize deductions under Section 80C: Take advantage of deductions available under Section 80C of the Income Tax Act. You can invest up to Rs. 1.5 lakh in eligible instruments such as Employee Provident Fund (EPF), Public Provident Fund (PPF), National… Continue reading Tax saving ideas under the old tax regime