Accounting and Finance Questions

A Budget is a financial plan of expected cash inflows and outflows that a business generates.
It is generally a long-term statement involving ammual updates. It is best described as A formal statement of a company's future plans usually expressed in monetary terms.

The tax payable on a non-salary benefit provided to an employee or an associate of the employee. The employer is liable to pay any FBT and may choose to recover the FBT amount from the employee.

A loss (or losses) from previous years carried forward in order to offset future earnings. This reduces the tax burden for the years with profit as the accumulated losses are deducted from the taxable profit.

Tax Collected at Source (TCS) is income tax collected in India payable by the seller who collects in turn from the buyer and it is provided under section 206C of Income Tax Act, 1961 at the sale of some goods which are specified.

E - TCS  is the process of filing TCS returns through electronic media. It is necessary for government and corporate collectors to file TCS returns in its electronic form. Collectors (other than government) have the provision to file TCS returns in physical form or electronic form.

Federal Bank has obtained RBI approval to open representative offices at Kuwait and Singapore.

The bank has been the preferred banker for NRI's and the NRI friendly measures have resulted in increasing inflow of foreign remittances.

The bank already has its representative offices in Abu Dhabi and Dubai and it has tied up with 110+ overseas banks/remittance partners.

A certificate of deposit (CD) is a savings certificate with a fixed maturity date, specified fixed interest rate and can be issued in any denomination aside from minimum investment requirements.

CD's are generally issued by commercial banks