Budget 2017 has changed the base year for cost inflation index (CII) for calculating capital gains from 1981-82 to 2001-02. This would in most cases be beneficial for tax payers. The CII for base year 2001-02 is taken as 100 and CII of FY 2019-20 is 289. Download: Excel based Calculator for Capital Gains Tax […]
The Top 100 People: Overcoming obstacles – Accounting Today
No one’s career runs perfectly smoothly, and everyone faces some obstacles. In the end, though, what matters most isn’t the size of the obstacles you face, but how you rise above them.As part of this year’s Top 100 Most Influential People survey, Accounting Today asked, “Have you faced a major obstacle or challenge in your […]
Accounting Articles 2019 | Year in Review With Patriot Software
Here at Patriot Software, we try to answer any and all questions you might have about accounting and your small business responsibilities. Want to see what kind of topics we’ve covered this year on our accounting blog? Take a look at our top 10 most-read accounting articles 2019. Most-read accounting articles 2019 If you have […]
Section 80TTB: Senior Citizens can Save Tax on their Interest Income
Budget 2018 along with many changes to tax laws also introduced a new Section 80TTB. According to this Senior citizen can claim tax exemption up to Rs 50,000 on interest income from bank/ post office fixed deposit, recurring deposit or savings account. Also, if a senior citizen opts to take advantage of Section 80TTB, he […]
AICPA offers practice aid for accounting for digital assets – Accounting Today
The American Institute of CPAs’ Digital Assets Working Group has released a practice aid to offer guidance on how to account for and audit digital assets such as Bitcoin and other forms of cryptocurrency. The assets are defined broadly as digital records, made using cryptography for verification and security purposes, on a distributed ledger. The […]
Capital Gains Calculator for Property
We have compiled an Excel based Capital gains calculator for Property based on new 2001 series CII (Cost Inflation Index). It calculates both Long Term and Short Term capital gains and associated taxes. You need to feed your property sale & purchase date along with values. There is option to include cost of repairs/improvement that […]
FASB Homes In on Key Accounting Issues in 2020 as Chairman’s Term Nears End – Wall Street Journal
FASB Chairman Russell Golden spoke this year at The Wall Street Journal CFO Network conference in Washington. Photo: Ralph Alswang for The Wall Street Journal By Mark Maurer Dec. 29, 2019 7:00 am ET The year ahead will bring focus and flux to the Financial Accounting Standards Board. The U.S. standards setter is preparing for […]
Nucont raises US$1.1 million investment for its accounting technology – Contxto
This post is also available in: Español (Spanish) Contxto – Bookkeepers at Brazilian fintech, Nucont, will be adding R$4.5 million (about US$1.1 million) onto the startup’s balance sheet. This of course is the result of Nucont raising its first investment in a round led by Cedro Capital. Joining this venture capital (VC) firm were FC […]
9 Tips to Buy the Right Life Insurance
Death of the main bread winner of the family can be emotionally and financially traumatic for the dependents. If you have the right life insurance the financial part can be taken care to an extent. Here are 9 things you should think through before you buy the right life insurance. 1 How much life insurance you […]
An accountant’s guide to navigating mistakes in the new year – Accounting Today
It’s no surprise that accounting professionals tend to be exacting about their work. Balancing the books leaves no room for error, and accuracy is an essential component in a firm’s value. It’s also no surprise that people who spend their careers getting things just right apply that same logic to themselves. To put it another […]