Figyan

CA Bigyan Kumar Mishra

is a fellow member of the Institute of Chartered Accountants of India.He writes about personal finance, income tax, goods and services tax (GST), stock market, company law and other topics on finance. Follow him on linkedin or facebook or instagram or twitter.

Previous Year vs Assessment Year vs Tax Year in India — Simple Guide for Beginners

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If you have ever tried to file income tax in India, you’ve probably seen terms like Previous Year, Assessment Year, and now Tax Year. Many beginners get confused because these sound technical, but the idea behind them is actually very simple.Once you understand the timeline of when you earn money and when tax is calculated, everything becomes clear. Let’s walk through this … [Read more...] about Previous Year vs Assessment Year vs Tax Year in India — Simple Guide for Beginners

What is a Stay Order?

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A stay order is when a court tells everyone to pause or stop a legal case or the result of a case for some time.It’s like putting a legal case on “pause” — nothing moves forward until the court says it can.Example: Stopping a JudgmentSuppose the court says that Person A has to leave their house (eviction order). Person A thinks this decision is unfair and wants to … [Read more...] about What is a Stay Order?

What Does “Status Quo” Mean in Law?

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Status quo means the way things are right now. It refers to the current situation or condition, especially in society, politics, or any system. To "maintain the status quo" means to keep things the same without making changes.Example 1A company keeps using the same methods every year and refuses to try new ideas. This means it is maintaining the status quo.Meaning: … [Read more...] about What Does “Status Quo” Mean in Law?

Branch Office Audit Explained: Companies Act Rules for India & Overseas Branches

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A branch office audit simply means checking and verifying the financial records of each branch to make sure:In practice, many beginners assume auditing happens only at the main office. But companies law requires that branch activities also be properly examined because business decisions depend on consolidated numbers.How Audit Works for a Branch Office Located in … [Read more...] about Branch Office Audit Explained: Companies Act Rules for India & Overseas Branches

Auditor Removal & Resignation Rules in India: Section 140 Explained

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When people first learn about company audits, they often assume an auditor can be changed anytime — just like changing a consultant or service provider. But under Section 140 of the Companies Act, 2013, changing an auditor is treated very carefully in India.The law lays down clear procedures for auditor removal, resignation, and casual vacancy, mainly to protect … [Read more...] about Auditor Removal & Resignation Rules in India: Section 140 Explained