The Kankhajura

Introduction : Cryptocurrency, a digital or virtual form of currency, has gained significant attention and popularity in recent years. Unlike traditional fiat currencies, cryptocurrencies operate on decentralized systems based on blockchain technology. In this article, we will explore the concept of cryptocurrency, its benefits and risks, and its potential impact on the future of finance. What is Cryptocurrency? Cryptocurrency is a type of digital or virtual currency that uses cryptography for security and operates independently of any central authority, such as a government or financial institution. The most well-known cryptocurrency is Bitcoin, introduced in 2009 by an anonymous person or group named Satoshi Nakamoto. Since then, numerous cryptocurrencies, such as Ethereum, Litecoin, and Ripple, have emerged. Decentralization and Blockchain Technology : One of the key features of cryptocurrency is decentralization. Instead of relying on a central authority, transactions and record-ke

A creditor and a debtor are two key parties involved in financial transactions, particularly in the context of loans or credit arrangements. Let's understand their roles and definitions: Creditor: A creditor is an individual, business, or financial institution that lends money or extends credit to another party. They are the recipients of payments and have a claim on the assets or funds owed to them by the debtor. Creditors can be banks, financial institutions, suppliers, or individuals who have provided goods, services, or money on credit. Creditors have the right to receive repayment for the amount they have lent or the credit they have extended. They often charge interest or fees for the use of their funds or credit. Examples of creditors include banks that provide loans, vendors who supply goods on credit, and bondholders who invest in corporate or government bonds. Debtor: A debtor, on the other hand, is an individual, business, or entity that owes money or has an obligation t

What Is Accounting ? Accounting is a systematic process of recording, summarizing, analyzing, and reporting financial transactions and information of a business or organization. It is often referred to as the "language of business" as it provides valuable insights into the financial health and performance of an entity. In this article, we will explore the concept of accounting in detail. Accounting serves as a vital tool for businesses to make informed decisions, monitor their financial position, and communicate financial information to stakeholders. It involves the collection and organization of financial data, which is then analyzed to generate various financial statements, including the balance sheet, income statement, and cash flow statement. One of the fundamental principles of accounting is the double-entry system, which states that every transaction has equal and opposite effects on at least two accounts. This system ensures accuracy and helps maintain the balance betw

                                        Audit trail by Nick Youngson CC BY-SA 3.0 Pix4free Introduction to Amendments to Rule 11(g) of Companies (Audit and Auditors) Rules, 2014   The Ministry of Corporate Affairs (MCA) vide its notification No. GSR 206(E) dated March 24, 2021 has issued the ‘Companies (Audit and Auditors) Amendment Rules, 2021’ (hereinafter referred as “the Audit Rules”) read with sub-section 3 of Section 143 of the Companies Act, 2013 (hereinafter referred as “the Act”) introducing new Rule 11(e), new Rule 11(f) and new Rule 11(g) and deleting Rule 11(d). Whether the company has used such accounting software for maintaining its books of account that has a feature of recording audit trail (edit log) facility and the same has been used throughout the year for all transactions recorded in the software commencing from 1st April 2022. the audit trail feature has not been altered, and the company has retained the audit trail in accordance with statutory obligations. Th

Subject: Clarification  regarding  GST  rate  and  classification of ‘Rab’ based on the recommendation of the GST Council in its 49thmeeting held on 18thFebruary, 2023 –reg. Based on the recommendation of the GST council in its 49thmeeting, held on 18thFebruary, 2023,   With effect from the 1stMarch, 2023, 5% GST rate has been notified on Rab, when sold in pre-packaged and labelled, and Nil GST, when sold in other than pre-packaged and labelled.2.Further, as per the recommendation of the GST Council in the above-said meeting, in view of the prevailing divergent interpretations and genuine doubts regarding the applicability of GST rate on Rab, the issue for past period is hereby regularized on “as is” basis.3.Difficulty if any, in the implementation of this circular may be brought to the notice of the Board.  (Circular No. 191/03/2023-GSTF. No. CBIC-190354/21/2023) Download Original Circular  Click Here   What is "Rab" Rab is a liquid jaggery basically used in food and beverag