Finance

Overdrawn directors’ loan accounts- everything you need to know
Finance

Overdrawn directors’ loan accounts- everything you need to know

An overdrawn director's loan account is a loan that has not been repaid. This particular money drawn by the director is not classified as salary or dividends. These overdrawn amounts are termed ‘assets’ as long as they are not returned. Often loans to the directors or other employees are used for remuneration arrangements. In simple words, we can say that a director’s loan account keeps the record of the company’s financial transactions with the director and their details other than salary dividends. Keeping track of the money and accounting is important to avoid delays in repayments, as it cannot exceed 9 months. It needs to be carefully regulated and managed as there are various tax issues related to it that can cause trouble in the future. The case of paying back the loan just to borro...
What is “Nano Lot Trading”?
Finance

What is “Nano Lot Trading”?

One nano lot is comparable to one hundred units of a base currency; it is ten times smaller than a micro lot and one hundred times smaller than a mini lot. A nano lot is also one hundred times smaller than a mini lot. When dealing in nano lots, one point of a currency pair that is denominated in U.S. dollars, also known as a "pip," is equivalent to only $0.01. Visit best forex software  BENEFITS OF INVESTING IN NANO LOTS   You Can Get Started with Smaller Actions You should start out with a low risk, regardless of whether you are sure that Forex trading is for you or if this is your first-time trading. You will slowly work your way up from there. There is no differentiation in the foreign exchange market. Due to the low entry barrier presented by nano lots, even novice tra...
analyze Bitcoin
Finance

What Is Fundamental Analysis In Cryptocurrencies

As it is the most expensive cryptocurrency, Bitcoin never fails to attract traders. Though the prices of Bitcoin and other cryptocurrencies go up and down, crypto trading is highly profitable when you know how to analyze bitcoin and other cryptocurrencies. Bitcoin analysis provides you with a good idea of the present and future scenarios.  The outcome of this analysis tells you when to invest and how much. If you are really good at Bitcoin analysis, you can make informed investment decisions. You can learn more about market trends.  To know how to analyze Bitcoin, you need to learn about the following two types of analysis: Fundamental analysis  Technical analysis  In this article, we will cover fundamental analysis. This analysis covers aspects that affect the overall val...
What is Absorption Costing? What is Accounting? Know Here
Business, Finance

What is Absorption Costing? What is Accounting? Know Here

Under the costing method of absorption, not only the cost of the variable, but also the cost determined by the product, is absorbed. Most accounting principles require absorption for the purpose of external reporting.  Check out personal guarantee insurance articles for amazing info about personal insurance. Exploitation costs are used to calculate profit and share valuation in the financial statement. As stock cannot be valued in this method, inland revenue requires this cost. Estimated costs have been taken into account that they should be recovered. The terms 'total absorption cost' and 'absolute cost' also denote the cost of absorption. ¤ In the marginal cost, the contribution is calculated, whereas it is not done under absorption costing. ¤ When valuing shares under marginal costing, ...
Personal Loan Lenders Enhance Digital Capabilities During Lockdown
Finance

Personal Loan Lenders Enhance Digital Capabilities During Lockdown

Availing a personal loan was quite hectic in the past due to various complex processes involved. Personal loans are unsecured due to which the lending institutions can find them risky and can charge higher interest rates and ask for additional information to process the same. However, due to the increase in demand for personal loans, the lenders have become flexible. Such types of loans are also a favorite among the salaried class as they want quick funds, hassle-free processing and are reluctant to submit any collaterals to avail loans. The advent of digitization has made things more comfortable for the lenders and the borrowers alike as they can accelerate the transactions quickly compared to the traditional methods of lending.  Digitization Of Personal Loans In India: Getting personal l...
Taxation On Personal Loan: Learn How To Avail Tax Benefits!
Finance

Taxation On Personal Loan: Learn How To Avail Tax Benefits!

Personal loans are the best way to address your financial needs. Right from meeting your son’s educational needs or planning your dream wedding, a personal loan can be your best aid. As personal loans are unsecured loans, you don’t need to pledge any assets as collateral to avail the funding. The personal loan rates are often higher than the secured loans. Personal loans are also a more accessible source of funds to salaried and self-employed professionals.  Is The Personal Loan Amount Taxable? Usually, personal loans are not taxable since the loan amount is not considered as a part of your income during filing of income tax returns. It means that you will not need to pay any income tax on personal loans. But it should be noted that the loan from unknown sources might be considered as part...
A Brief Guide About How To Get A Good Credit Score
Finance

A Brief Guide About How To Get A Good Credit Score

When you’re going to take out a mortgage, there are many questions which you are going to have, especially if you are a first-time buyer. You may be asking yourself a lot of questions: How does my credit score affect my mortgage rate? How much credit score is required to buy a house? What can I do to improve my loan options? All of these questions are crucial to understanding the borrowing process, improving your chances of getting a loan approved, ensuring you get a loan approved, and ensuring you get the best rates and lowest cost possible.  What is a credit score? Your credit score is a numerical rating assessed by one of the national credit bureaus which gives a snapshot of your financial borrowing history to the lenders. In other words, these credit companies look at your past borrowi...
List of Accepted KYC Documents
Finance

What is KYC – List of Accepted KYC Documents

Data sourced from Reserve Bank of India suggests that over 3,766 incidents of financial fraud have been reported in the financial year of 2019, involving an enormous amount of Rs.71,500 crore. Hence, the government introduced the system of KYC within the financial infrastructure to monitor and reduce identity theft, money laundering, and other fraudulent activities. What is KYC? KYC or Know Your Customer is a mandatory requirement in the identification process of an individual via official documents. Since 2005, RBI has made it mandatory for all financial institutions to retrieve proper KYC documents of every customer. The elements incorporated in the KYC policy of financial institutions include – Customer identification. Strict guidelines involving customer acceptance. Ri...
Tips to Know Everything While Doing Online Credit Card Payment
Business, Finance

Tips to Know Everything While Doing Online Credit Card Payment

Paying bills using credit is a widely accepted method and has seen a gradual rise in usage all over the country. With each credit card transaction, customers are assured with reward points which can be redeemed to avail benefits like cashback and discount offers. Citizens are now more inclined towards online credit card payments because of the host of benefits that it brings along. Apart from streamlining the process of bill payments, this financial tool has helped individuals make expensive purchases without stressing over the availability of cash. According to the reports generated by Economic Times, around 93% of credit card users resort to their credit cards for making high-end purchases both online and offline. However, although credit cards come with optimum consumer protections, the...
Why the Audit Firm is Essential for Your Business Growth
Finance

Why the Audit Firm is Essential for Your Business Growth

If you are a budding entrepreneur or have already been into business for quite a sometime now, you will need to deal with the calculations of all your daily transactions, profits, losses incurred and recurrent costs. The numbers will become complicated by each passing day, and it will be challenging to keep track of all by yourself. On top of that, calculating taxes, paying them and finding ways to save money from it also requires proper advice and guidance. Here, the audit firms come into help.  Especially in Dubai, after the introduction of the VAT system, the audit firms in UAE is very significant. You need to maintain a healthy financial discipline to reach the zenith of success, and the right audit firm will look after your accounts and guide you through evaluating your earnings in th...