Income Tax Return (ITR) is a form. Every year Government notify Income Tax Return through notification. Tax supposed to calculated by the aseesee, therefore, is called self-assessment tax. Majorly it can be divided in to following three parts.
I Part : It contains details of the Assessee.
II Part : It Contains details regarding Total Taxable Income & Tax Liability.
III Part : It contains details of Tax Payment. TDS, Advance Tax, Self-Assessment.
Do you facing an extreme time at work? Do you basically not have any desire to be in your place of employment any longer? Are you contemplating leaving your place of employment, however not certain on the off chance that you should? It may be an ideal opportunity to consider whether you require another job and it’s an ideal opportunity to proceed onward.
Here and there, we hold up too long to perceive that an occupation circumstance is certainly not a solid match, yet holding up can have negative results. It very well may be less demanding to stay, particularly when you coexist well with your colleagues however aren’t excited with the job. Nonetheless, in some cases it’s a smart thought to settle on the troublesome choice that you require a change.
Obviously, the vast majority can’t bear to leave an awful employment immediately, however postponing too long can be adverse to you and to others. At the point when’s the best time to leave, and how would you know when you should settle on the choice to begin a pursuit of employment?
Staying isn’t generally the correct choice, notwithstanding when it is difficult to take off. Holding up too long to locate another job can cause genuine pressure, bringing about sorrow, relationship issues, and leftover outrage. In the event that you don’t properly design your abdication, you may wind up confounded one day and wind up stopping on the spot, which will destroy your odds to keep up a positive association with your past boss. Or on the other hand more awful, you could wind up getting let go in light of the fact that you’re not profitable.
You can keep these potential outcomes by perceiving a portion of the signs that your employmentis unsustainable, before the circumstance achieves an emergency status. Here are the main 10 signs that you may require another employment.
You are as of now considering finding another employment. Excepting the infrequent, awful day-actuated, “I require another employment, now!,” on the off chance that you’ve just been thinking about the prospect of leaving your employment, odds are, that rumination is going on for a valid justification. On the off chance that your abhorrence for your employment, your associates, or your supervisor is always at the forefront of your thoughts, you should accept that as a sign that it’s an ideal opportunity to begin work seeking.
Your discussions with your family and companions end up overwhelmed by objections and regrets about your employment. In the event that each supper discussion begins and finishes with a negative analysis about your day at work, it may be an ideal opportunity to discover a vocation that will impel not protests but rather beneficial discourse about your expert difficulties, exercises learned, and the day’s features.
You wind up much of the time envisioning about retirement – regardless of whether you’re youthful. Do you spend throughout the staring off into space about retirement, computing the years, months, and days until the point when the time comes? Try not to consume your expert time on earth in commencement mode. Rather, take that inclination and utilize it as inspiration to discover a position that is fulfilling and candidly fulfilling.
Your rest designs have been upset. You experience issues getting the opportunity to rest, or you wake up amid the night with stresses over your employment. Rest is critical to your wellbeing, and occupation initiated pressure can be a reason for poor rest. Lamentably, this can worsen a troublesome circumstance, influencing an awful employmentto appear to be far and away more terrible. Being worn out all the time can make everything appear like a test.
You have created cerebral pains, visit colds, or other physical manifestations of stress. Your physical wellbeing can some of the time be a pointer of your psychological well-being, and in case you’re feeling by and large wiped out or have a feeling of persisting disquietude, your employmentmay be at fault. On the off chance that your employmentis influencing you to wipe out, that is a decent marker that it’s a great opportunity to search for another position.
You have expanded your utilization of liquor or medications to get away from your issues. While it’s alright to unwind with a glass of wine after work, your day shouldn’t drive you to down a jug or pour glass after glass of vodka tonic. On the off chance that you find that your work is causing your plentiful utilization of liquor, medications or cigarettes, you should set aside some opportunity to think about your expert circumstance.
Your craving is smothered, or you are eating more than expected. A few people swing to nourishment similarly they do to medications and liquor, however stress can likewise make you lose your craving by and large. In case you’re eating or drinking excessively as a result of worry at work, it’s an indication this may not be the employmentfor you.
You fear Mondays, or you experience difficulty awakening for work early in the day. It’s typical to be drained toward the beginning of the day; however you shouldn’t feel a pit-initiating fear or thought-expending tension when it’s a great opportunity to work.
You are less gainful at work, need energy, and are exhausted all the more frequently. In case you’re checking Facebook at regular intervals, continually wind up on YouTube, or are exhausted with each undertaking, you may need to search for an all the more rationally fortifying employment.
You are contending all the more regularly with colleagues or supervisors and don’t feel you have control over your work. In the event that your disappointment with your employmentis causing pressure in the workplace, it’s certainly time to begin searching for another position. It’s smarter to leave an occupation on great terms so you can keep your past boss as a hotspot for suggestions and as a system association. It’s additionally imperative to abstain from being let go on the off chance that you can encourage it.
Obviously, these signs can be markers of other individual, enthusiastic, or physical issues, yet in the event that you are worried about work and encountering a portion of these side effects then you positively needs to rethink your business circumstance.
On the off chance that you’ve settled on the choice to proceed onward, don’t simply leave your place of employment. Much of the time, you can precisely and deliberately begin searching for another situation before you turn in your renunciation. It’s less demanding to get contracted when you’re working, you don’t know to what extent it will take you to discover another employment, and you will most likely be unable to gather joblessness benefits in the event that you quit.
Or maybe, set aside the opportunity to design your pursuit of employment. Notwithstanding getting you out of a terrible circumstance, it will give you another thing to center around rather than the employmentyou’re not content with.
In today’s age, we have reached, this height in medical science, where treatment of major diseases is possible. However, it seems that we are going in such a hurry; soon we will found us to left on the finish line. No wonder that time is coming soon when humans will suffer from small diseases and here they will die too. Yeah, It will be soon, and it will be so the overuse of, Antibiotics can cause the neutral antibiotics, so that if person is having minor diseases then it will be leading to failure or disaster.
Antibiotic is drug that is useful to treat bacterial infections. However, antibiotics are not effective in treating viral infections/ viruses, such as the cold, the flu, AIDS. If you have an infection then it is important to know that whether bacteria or a virus has causes it. This is why vaccine is often useful to prevent against these diseases, instead of using antibiotics to cure them once they develop.
Today doctors are also very widely prescribed antibiotics. The patient often speaks to the doctor to write antibiotics, even if it has viral infection, and there is no effect of antibiotics, because they are unaware of the proper usage of antibiotics. Since the doctor does not want his patients to be angry, they try to please their patients, so they often gives antibiotics, even in cases of viral infection, even when they know that antibiotics are not effective in this scenario. Apart from this, it is often difficult for doctors to explain to patients that antibiotics are not effective. In 2007, it is estimated that around 28% of doctors has prescribed their patients to use antibiotics if a patient has an infectious disease caused by an influenza virus. They know that it is a viral illness and antibiotics will not work. This results in a large amount of unnecessary antibiotic prescription
The doctor is unknowingly contributing to the development of many deadly superbugs in the human body by prescribing unnecessary antibiotics. An antibiotic has the ability to kill bacteria, but bacteria can be resistant to the drug. When the human body is consuming an antibiotic, the weak bacteria die, but strong antibiotic resistant bacteria are able to antigen and spread, and they do it very quickly. There are three main reasons for this spread. First of all, bacteria are able to regenerate very quickly. The population can be doubled in only twenty minutes. Second, the high level of bacterial exchange potential is resistant to the bacteria; their resistant genes can be passed on to other bacteria even in different species without childbirth. Third, bacteria have high rates of mutation; these resistant bacteria can cause antibiotic-resistant diseases, which are almost impossible to cure.
Today, the ability to kill antibiotic bacteria in the whole world is decreasing. Antibiotic, this proved to be effective for the first common infections, have become neutral now, if this happens then that day, will come soon when no antibiotic will be proved effective in removing the disease. Even so, the good thing is that the world is not oblivious to this challenge and knows that this challenge can reduce by reducing the use of antibiotic. Today all the countries are working together to reduce the use of antibiotic together.
Suppose you have any infection, you take any antibiotic for its treatment. For example, as you take penicillin but it is quite possible that your infection from penicillin is not a proper and effective treatment because your infection may be due to bacterial, on which penicillin will not be effective on your infection. The more we use the antibiotic, the more bacteria they have the power to fight. Its new breed will spread rapidly and antibiotic will be neutral. On the different side, if we use less antibiotic, then the breed of bacteria with its immune system will flourish.
The World Health Organization estimates that by the year 2050 approximately 10 million people worldwide will die, because antibiotic has no effect. And this will damage the world economy by about 66 trillion dollars.
Nowadays, humans often use the abundance of antibiotics in normal conditions. Doctors also often write antibiotics under normal circumstances. In many developing countries including India, drug shoppers give antibiotics medicines without prescription. In Europe, many countries have tremendous use of antibiotics and in many Western countries; antibiotics are also given to increase animals rapidly, through which such bacteria grow in their body, which do not have antibiotic effects. And when human eat the meat of such animals, antibiotic resistant bacteria within these animals reach in humans through these animals.
Two years ago, under the leadership of the World Health Organization, all the countries agreed to the Global Action Plan to fight this challenge of antibiotic. This will work to identify antibiotic resistant bacteria. Also doctors will be encouraged to write at least antibiotic. Also, in many countries, efforts will be made to overcome this challenge with mutual cooperation.
The biggest difficult antibiotic resistant bacteria have yet to identify. However, pharmaceutical companies and scientists are also being helped to develop new antibiotics.
In last, these efforts lead to new hope for humanity. It seems that we will find a way to deal with antibiotic resistant bacteria. Even if the use of antibiotic is very important, its resistant bacteria will flourish. This means that we will have to deal with this challenge continuously.
A vacancy in the office of the auditor of the company before the term has expired is a casual vacancy. The term has not been defined in the Act. But there are several circumstances in which the casual vacancy arises. The term used may be ‘casual’ but has serious implications.
The law stipulates that only an individual or a firm of chartered accountants can be appointed as auditors of a company. If an individual is appointed, his death would give rise to a casual vacancy. But if a firm is appointed, death of one or more of the partners does not give rise to a casual vacancy, except under the following two circumstances:
a) There exists a clause in the partnership deed that death of a partner dissolves the firm or conversely there is no clause in the deed that death of a partner does not dissolve the firm.
b) Everyone dies at a time except one partner
Everyone dies at a time except one partner, the partnership firm does not exist anymore. Therefore, the firm continuing as auditor of the company does not arise.
There is a change in the status from that of a firm to an individual.
The time of death of the auditor is crucial to decide if it is a casual vacancy. A contract is not complete unless the offer is accepted, and such acceptance is communicated to the proposer. The appointment of auditor is, therefore, complete only when the auditor communicates his acceptance.
Passing a resolution at the meeting is just one of the parts of appointing an auditor. Such a resolution is only an offer. It is not appointment by itself. The company communicates to the auditor by way of a letter his appointment and the auditor communicates his acceptance or otherwise.
If the auditor dies in the meantime, (without communicating his acceptance) the appointment is not complete. Thus, it is not death of the auditor of the company. There is no casual vacancy. The situation is that it is deemed that no auditor has been appointed and provisions of Section 139 (1) and 141(3) become operative.
For an appointment to be complete, the communication of acceptance should reach the company.
The answer for a situation where the acceptance is posted and the auditor dies before the letter reaches the company is determined by the Contract Act. To constitute a casual vacancy by death of the auditor, the appointment should be valid and complete in all respects
The auditor may resign as an auditor of the company for any reason. Only the shareholders can fill such a vacancy. This provision is to uphold the independence of the auditor.
The shareholders should know the reason of resignation of the auditor. It is possible that the board of directors is not cooperating with him or that the board might create a situation that he is not in a position to continue as an auditor. Perhaps he comes across a situation of a misstatement in financial statements and does not want to take the risk.
It is also possible that he is resigning to take up a bigger audit or intends to become a director of the company or for that matter he is retiring from practice.
Whatever the reason, it is only the shareholders who can fill the vacancy caused by the resignation of an auditor.
These disqualifications are laid down to uphold the independence of the auditor. If, during the tenure of his audit, the auditor contracts any disqualifications under this Section, he cannot continue as the auditor of that company. He is deemed to have vacated his position, and a casual vacancy therefore arises.
Certain classes of persons are not competent to enter into a contract under the Indian Contract Act, 1872 such as an un-discharged insolvent or a lunatic or a person of unsound mind.
If an auditor becomes incapacitated to enter into a contract, he cannot continue as the auditor of the company, giving rise to a casual vacancy.
Name of a member can be removed from the register of members of the Institute of Chartered Accountants of India for many reasons, from the simple non-payment of membership fees to disciplinary proceedings. Upon such removal he becomes disqualified to be the auditor of a company. Even if the certificate of practice is suspended for a period, he ceases to be in practice and cannot continue as the auditor of a company. Such circumstances lead to a casual vacancy.
In addition to the above a person cannot be the auditor if he is convicted of an offence involving moral turpitude, in which case, his name will be removed from the register of members of ICAI for a certain period.
Only an individual or a firm of Chartered Accountants can be appointed as an auditor of a Company. Where an individual is appointed as an auditor and he converts the individual practice as a partnership, he ceases to be practising in his individual capacity. In such a situation, the proprietary practice does not exist anymore. Therefore, a casual vacancy arises and the board has to fill the vacancy. The board might as well appoint the newly constituted firm as the auditor in the place of the individual. Subsequently, even if a new partner is admitted, there is merely a change in the constitution of the firm and no change in the status. No casual vacancy arises, even if no change in auditor is contemplated.
Conversely, if a firm of two partners is appointed as auditors of the company and if one of them ceases to be a partner, the status gets changed to an individual, giving rise to a casual vacancy, requiring an appointment by the board of directors.
For example: Mr Rao is appointed as auditor of a company at the AGM held in August 20XX. His daughter passes the CA Final examination held in November, 20XX. Mr Rao admits her as a partner in his existing practice. His son qualifies in May 20XX and is admitted as a partner in August 20XX.
Once he converts his proprietary practice into a partnership by admitting his daughter, he ceases to practise in his individual name. Therefore, the firm of Chartered Accountants of father and daughter should be appointed in the vacancy caused by his ceasing to practise in his individual name. Once the firm is appointed, admission of the son as a partner is merely a change in the constitution of the firm. There would be no casual vacancy.
The board of directors is empowered by Section 139 (8) to appoint an auditor in case of a casual vacancy except the vacancy caused by resignation of the auditor, in which case, the power vests only with the shareholders.
The law is silent on the time frame and the mode for such an appointment of auditor in a casual vacancy. Therefore, the board should take decisions in such a way as not to hamper the audit procedures and ensure timely compliance with legal proceedings.
The following questions arise:
Can the board delegate the authority to a particular director?
Can the auditor be appointed by the audit committee?
Can the appointment done by way of a circular resolution?
Answers to all the three questions seem to be “Yes”.
The law does not specify that such a casual vacancy should be filled by the board of directors at a meeting of the board. Section 179 stipulates circumstances where decisions are to be taken only at a meeting of the board or of a committee. The list does not include appointment of auditor in a casual vacancy. It therefore implies that such an appointment need not be made only at a meeting of the board of directors.
Therefore, the board may delegate the authority to a particular director or to a committee of directors. The audit committee, which is formed to attend to the audit requirements, might as well appoint the auditor of the company, under the signature of a director, who is a member thereof.
Alternatively, the appointment can also be made by a circular resolution to overcome the time constraints and to provide that much extra time to the auditor.
Where a company is required to constitute an Audit Committee under section 177 of the Companies Act, 2013 all appointments, including the filling of a casual vacancy of an auditor shall be made after taking into account the recommendations of such committee.
A chart of accounts is a listing of the names of the accounts that a company has identified and made available for recording transactions in its general ledger. Business organization has the flexibility to tailor its chart of accounts to best suit or needs. Before creating chart of account in accounting software you need to create some important groups in accounting software.
To record the financial transactions of income and Expenditure (Profit and Loss Accounts), some important lists of Accounts are as under:
[table id=3 /]
Hindu Law is a living system of rules that describes the right procedure and behaviour of living in a society. The Hindu religious tradition itself is a vast confederation of religions, which has no founder, no defining creed, and no centralized authority. Nevertheless, it has maintained overall coherence, vitality, and far-reaching influence for many centuries, mainly because it is based on a dynamic philosophy of life known as Vedanta. Vedanta has a unique culture. Another unique feature of Indian culture is the spirit of religious toleration and freedom
Who is Hindu: The term Hindu is a general term it denotes all those persons, who are profess Hindu religion either by birth or by conversion to Hindu faith.
Law as under shod by the Hindus is a branch of Dharma an expression which signifies duty.
Shruti is a Sanskrit word. In Vedic era Shruti means “What is heard” & it is the synonym used for Veda. Vedas are considered paramount source of Hindu Law or Hindu Religion. Vedas are four in number:
-Rigveda
-Yajurveda
-Samaveda and
-Atha Veda
The Wole Vedas is the first and paramount source of Hindu Law. Veda do not contain positive precepts (Vidhi) on matters of dharma in a connected form. Veda contains incidental references to various topics that fall under the domain of dharma shastra.
Some examples: -marriage adoption in heritance and partition
Smritis means “what has been remembered” and is believed to contain the percept of God but not in language they had been delivered. Many sages from time to time have written down the concept given in Vedas.
Smritis which are written in verse (Shloka) are knows:
Smritis which are written in prose or prose and verse are known as:-
Commentaries and Digestives have expanded the scope of Hindu Law. It helped in the interpretation of smritis. Single interpretations of smritis is known as commentary while different interpretations of smritis’ is known as digestive. Dayabhaga and Mitakshara are the two most important commentaries.
Customs is tradition that has been practiced in society since ancient times. It is type of practice. The custom to be applicable should have following essentials:-
The codified Hindu Law has nullified customs in most of the matters except in those matters where the customs have been saved in express words.
Precedent / Previous judicial decisions are the most important modern source of Hindu Law. Judicial decisions are binding on subordinate courts e.g., if the decision is given by supreme court of India or by the privy council it is bending on all courts.
The parliament in accordance with need of society constitutes new laws. No longer need we look to the smritis and Commentaries.
In the society charitable and religious organisation plays an important role. Income of these organisations are exempt from tax subject fulfilment of some terms and condition.
These organisations are not meant to make profit. Therefore, such type of organisations are known as NPOs i.e. Non Profit Making Organisation.
These are also known as NGO i.e. Non-Government Organisation because such type of organization do the work which ought to have been done by the government.
NPOs or NGOs play a critical role in the development of society, communities, and promoting citizen participation.
Among the wide variety of roles that NGOs play, some of the important roles are as follows:
There are two types of NGOs that usually function in a society:
Some of the main advantages of registered NGOs as compared to non-registered NGOs are under:
In India there are three forms of registration, which are as under:
Indian Trust Act, 1882 for private trusts but is used as reference statute for public charitable trust also: General law is applied for public trusts except in a few states such as Gujarat and Maharashtra, which have their own state laws.
Most of the persons or private individuals do not keep accounts. Some of the people think as it is a waste of time and some other think keeping private financial records are useless or unnecessary for them.
Nobody can remember all his private financial transactions for a long period. Therefore, for personal use or for legal use it become very necessary to maintain records for personal financial transactions like payment of house tax, Payment for Life Insurance, Payment of health insurance premium etc.
I am going to discuss with you a very simple method by which you any normal person keep records without any expense. In a simple diary or in an old notebook you can maintain records of private financial transactions. For maintaining records, you just need to do following two things.
Left Hand Side Page Treat as Receipt Side
Right Hand Side Page Treat as Payment Side
RECIEPT
| DATE | PARTICULAR | AMOUNT |
| 02/04/2020 | To Opening Balance | |
| 02/04/2020 | To Receipt form Salary | |
| 02/04/2020 | To Sale of Scrap | |
| 02/04/2020 | To Sale of News Paper | |
| 02/05/2020 | To Interest Received | |
| Total |
PAYMENT
| DATE | PARTICULAR | AMOUNT |
| 02/04/2020 | By House Tax | |
| 02/04/2020 | By Water Tax | |
| 02/04/2020 | By Insurance Premium | |
| 02/04/2020 | By Health Insurance Premium | |
| 02/05/2020 | By Electricity Bill | |
| 02/04/2020 | By Balance c/d to Next Day | |
| Total | = |
Left Hand Side Page: Write down all the private receipts like Receipt of Salary, Receipts for sale of scrape, Sale of old News Paper.
Right Hand Side Page: Write down all the payments like Payment for House Tax, Water Tax, Electricity Bill, Purchase of Furniture.
In the end of Month, you may summaries all the noted transaction into following manner:
SUMMARY OF CASH BOOK
| RECEIPT | AMOUNT | PAYMENT | AMOUNT |
| To Balance b/d | By House Tax | ||
| To Salary | By Water Tax | ||
| To Sale of Scrap | By Life Insurance Premium | ||
| To Sale of Old News Paper | By Health Insurance Premium | ||
| To Bank Interest | By Electricity Bill | ||
| By Balance c/d | |||
| TOTAL | = | TOTAL | = |
Even if you are not able to summarize the transaction you can say I have accounting records and maintained on cash basis, and this is my cash book. In the end I want say and assure you your rough notebooks will work as cash book and in case of need any professional accountant like CA, CS can summarize for you and prepare Balance Sheet and Profit and Loss for you.
Section 197 of the Companies Act, 2013 prescribed the maximum ceiling for payment of managerial remuneration by a public company to its managing director, whole-time director and manager which shall not exceed 11% of the net profit of the company in that financial year. [Profit Computed in accordance with section 198]
The payment beyond the said limit of 11% can be made by passing an Ordinary Resolution in the General Meeting of the Company.
For payment of remuneration exceeding the threshold limits of 5% & 10% to MD/WTD/Manager and 1% & 3% to other directors, the approval of shareholders through a Special Resolution shall be required.
The companies who have defaulted in payment of dues to any Bank/PFl/Non-Convertible Debenture holder or any other secured creditor, prior approval shall be taken from them before obtaining the approval in the general meeting for payment in excess of the threshold limits.
If the director receives remuneration in excess of the threshold limit without obtaining approval required in this section, he shall refund such sum to the Co. and shall hold it in trust of the Company, until refunded.
All the agreements are contract if they are made by free consent of parties competent to contract for lawful consideration and with a lawful object and are not hereby expressly declared to be void.
Contract [Sec- 2 (h)]: Contract is an agreement enforceable by law.
Agreement [ Sec- 2 (e)]: Every promise and every set of promises, forming the consideration for each other.
Promise [Sec – 2 (b)]: When the person to whom the proposal is made signifies his consent thereto, the proposal said to be accepted. Proposal when accepted, become a promise.
Proposal: An unaccepted promise.
