There is NO NEED TO WRITE ‘TO’ AND ‘BY’ IN THE ‘ACCOUNTS’ (not mandatory) as modern Accountants don’t prefer to write these words. Really..??

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There is NO NEED TO WRITE ‘TO’ AND ‘BY’ IN THE ‘ACCOUNTS’ (not mandatory) as modern Accountants don’t prefer to write these words. Really..??

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There is NO NEED TO WRITE ‘TO’ AND ‘BY’ IN THE ‘ACCOUNTS’ (not mandato...

no it is important. otherwise in the board exam can cut your Mark's

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The Madras High Court has been hearing a PIL petition since 2018 that initially asked the court to declare the linking of Aadhaar with a government identity proof as mandatory for registering email and social media accounts. The petitioners, victims of online bullying, went to the court because they found that law enforcement agencies were inefficient at investigating cybercrimes, especially when it came to gathering information about pseudonymous accounts on major online platforms. This case brings out some of the most odious trends in policymaking in India.The first issue is how the courts have continually expanded the scope of issues considered in PILs. In this case, it is absolutely clear that the court is not pondering about any question of law. In what could be considered as abrogation of the separation of powers provision in the Constitution, the Madras High Court started to deliberate on a policy question with a wide ranging impact: Should Aadhaar be linked with social media accounts?Second, not only are governments failing to assert their own powers of regulation in response to the courts actions, they are on the contrary encouraging such PILs.Third, Aadhaar linking is becoming increasingly a refrain whenever any matter even loosely related to identification or investigation of crime is brought up. While the Madras High Court has ruled out such linking for social media platforms, other High Courts are still hearing petitions to formulate such rules. The processes that law enforcement agencies use to get information from platforms based in foreign jurisdictions rely on international agreements.Linking Aadhaar with social media accounts will have no bearing on these processes. Hence, the proposed solution misses the problem entirely, and comes with its own threats of infringing privacy.Q. Suppose the Madras High Court passed a judgement to link Aadhar card to social media accounts. In such a case, based on the authors reasoning, what is the likely impact it will have on Cybercrime investigating agencies?

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With an aim to check flow of black money and evasion of taxes through stock market, market regulator SEBI has decided to impose hefty penalty on brokers facilitating such transactions from tomorrow. The regulator recently came across a loophole in its existing regulations, which was being abused by stock brokers for facilitating tax evasion and flow of black money through fictitious trades in lieu of hefty commissions. To remove this anomaly, SEBI has asked stock exchanges to penalise the brokers transferring trades from one trading account to another after terming them as ‘punching’ errors. The penalty could be as high as 2% of the value of shares traded in the ‘wrong’ account, as per new rules coming into effect from August 1.In a widely-prevalent, but secretly operated practice, the people looking to evade taxes approach certain brokers to show losses in their stock trading accounts, so that their earnings from other sources are not taxed. These brokers are also approached by people looking to show their black money as earnings made through stock market. In exchange for a commission, generally 5-10% of the total amount, these brokers show desired profits or losses in the accounts of their clients after transferring trades from other accounts, created for such purposes only.The brokers generally keep conducting both ‘buy’ and ‘sell’ trades in these fictitious accounts so that they can be used accordingly when approached by such clients.In the market parlance, these deals are known as profit or loss shopping. While profit is purchased to show black money as earnings from the market, the losses are purchased to avoid tax on earnings from other sources.As the transfer of trades is not allowed from one account to the other in general cases, the brokers show the trades conducted in their own fictitious accounts as ‘punching’ errors. The regulations allow transfer of trades in the cases of genuine errors, as at times ‘punching’ or placing of orders can be made for a wrong client. To check any abuse of this rule, SEBI has asked the bourses to put in place a robust mechanism to identify whether the errors are genuine or not. At the same time, the bourses have been asked to levy penalty on the brokers transferring their non-institutional trades from one account to the other. The penalty would be 1% of the traded value in wrong account, if such trades are up to 5% of the broker’s total non-institutional turnover in a month. The penalty would be 2% of trade value in wrong account, if such transactions exceed 5% of total monthly turnover in a month.Q. What is a ‘punching error as per the passage?

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With an aim to check flow of black money and evasion of taxes through stock market, market regulator SEBI has decided to impose hefty penalty on brokers facilitating such transactions from tomorrow. The regulator recently came across a loophole in its existing regulations, which was being abused by stock brokers for facilitating tax evasion and flow of black money through fictitious trades in lieu of hefty commissions. To remove this anomaly, SEBI has asked stock exchanges to penalise the brokers transferring trades from one trading account to another after terming them as ‘punching’ errors. The penalty could be as high as 2% of the value of shares traded in the ‘wrong’ account, as per new rules coming into effect from August 1.In a widely-prevalent, but secretly operated practice, the people looking to evade taxes approach certain brokers to show losses in their stock trading accounts, so that their earnings from other sources are not taxed. These brokers are also approached by people looking to show their black money as earnings made through stock market. In exchange for a commission, generally 5-10% of the total amount, these brokers show desired profits or losses in the accounts of their clients after transferring trades from other accounts, created for such purposes only.The brokers generally keep conducting both ‘buy’ and ‘sell’ trades in these fictitious accounts so that they can be used accordingly when approached by such clients.In the market parlance, these deals are known as profit or loss shopping. While profit is purchased to show black money as earnings from the market, the losses are purchased to avoid tax on earnings from other sources.As the transfer of trades is not allowed from one account to the other in general cases, the brokers show the trades conducted in their own fictitious accounts as ‘punching’ errors. The regulations allow transfer of trades in the cases of genuine errors, as at times ‘punching’ or placing of orders can be made for a wrong client. To check any abuse of this rule, SEBI has asked the bourses to put in place a robust mechanism to identify whether the errors are genuine or not. At the same time, the bourses have been asked to levy penalty on the brokers transferring their non-institutional trades from one account to the other. The penalty would be 1% of the traded value in wrong account, if such trades are up to 5% of the broker’s total non-institutional turnover in a month. The penalty would be 2% of trade value in wrong account, if such transactions exceed 5% of total monthly turnover in a month.Q. It can be inferred from the passage that

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With an aim to check flow of black money and evasion of taxes through stock market, market regulator SEBI has decided to impose hefty penalty on brokers facilitating such transactions from tomorrow. The regulator recently came across a loophole in its existing regulations, which was being abused by stock brokers for facilitating tax evasion and flow of black money through fictitious trades in lieu of hefty commissions. To remove this anomaly, SEBI has asked stock exchanges to penalise the brokers transferring trades from one trading account to another after terming them as ‘punching’ errors. The penalty could be as high as 2% of the value of shares traded in the ‘wrong’ account, as per new rules coming into effect from August 1.In a widely-prevalent, but secretly operated practice, the people looking to evade taxes approach certain brokers to show losses in their stock trading accounts, so that their earnings from other sources are not taxed. These brokers are also approached by people looking to show their black money as earnings made through stock market. In exchange for a commission, generally 5-10% of the total amount, these brokers show desired profits or losses in the accounts of their clients after transferring trades from other accounts, created for such purposes only.The brokers generally keep conducting both ‘buy’ and ‘sell’ trades in these fictitious accounts so that they can be used accordingly when approached by such clients.In the market parlance, these deals are known as profit or loss shopping. While profit is purchased to show black money as earnings from the market, the losses are purchased to avoid tax on earnings from other sources.As the transfer of trades is not allowed from one account to the other in general cases, the brokers show the trades conducted in their own fictitious accounts as ‘punching’ errors. The regulations allow transfer of trades in the cases of genuine errors, as at times ‘punching’ or placing of orders can be made for a wrong client. To check any abuse of this rule, SEBI has asked the bourses to put in place a robust mechanism to identify whether the errors are genuine or not. At the same time, the bourses have been asked to levy penalty on the brokers transferring their non-institutional trades from one account to the other. The penalty would be 1% of the traded value in wrong account, if such trades are up to 5% of the broker’s total non-institutional turnover in a month. The penalty would be 2% of trade value in wrong account, if such transactions exceed 5% of total monthly turnover in a month.Q. In the light of the second paragraph what do people who intend to evade taxes do?

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Kajal, Neerav and Aisha are partners in a firm sharing profits in the ratio of 3 : 2 : 1. They decided to admit Rajan, their landlord as a partner in the firm. Rajan brought sufficient amount of capital and his share of goodwill premium. The accountant of the firm passed the entry of rent paid for the building to Rajan in Profit and Loss Appropriation Account. Choose the correct option for the approach of accountant.

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There is NO NEED TO WRITE ‘TO’ AND ‘BY’ IN THE ‘ACCOUNTS’ (not mandatory) as modern Accountants don’t prefer to write these words. Really..??

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There is NO NEED TO WRITE ‘TO’ AND ‘BY’ IN THE ‘ACCOUNTS’ (not mandatory) as modern Accountants don’t prefer to write these words. Really..?? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about There is NO NEED TO WRITE ‘TO’ AND ‘BY’ IN THE ‘ACCOUNTS’ (not mandatory) as modern Accountants don’t prefer to write these words. Really..?? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for There is NO NEED TO WRITE ‘TO’ AND ‘BY’ IN THE ‘ACCOUNTS’ (not mandatory) as modern Accountants don’t prefer to write these words. Really..??.

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