IRAC Norms - Basics

This presentation would be useful CA Students and Audit staff coducting Bank Statutory Audit.
The presentation basically cover several aspects of IRAC Norms with regard to Income Recognition, Classification of Advances and Provisioning.
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Long Term Capital Cain Calculator & Other useful calculators

Long term capital gain arises from sale of Long Term Capital Assets. An asset is said to be a Longterm Asset if one holds it:

• In the case of an Immovable Property, 3 years.
• In case of securities/Mutual Funds, 1 year.

If one sells a Long Term Capital Asset one is liable to pay Income Tax on Long Term Capital Gain in the year of sale.

For Long Term Gain Calculator Click Here.

Tax on Long Term Capital gain is 20% flat.

In case of Securities it is lower of the following:
 - 20% on the gain after considering Indexation.
 - 10% on the gain without considering Indexation.

Other Useful Calculators:

• NSC Interst Calculator
• Post office RD interest Calculator

TDS Ready Reckoner

Click here.