Section 32 of the Income Tax Act, 1961 provide deduction for depreciation on assets used for the business or profession. Depreciation is calculated with reference to actual cost either by SLM (undertaking engaged in generation or generation and distribution of power) or WDV method. As per Explanation 5 to Section
A-To-Z Of Swachh Bharat Cess
Introduction: With a view to source funds for Swachh Bharat initiative, Section 119 of Finance Act, 2015 is introduced which provides for levy of Swachh Bharat Cess (SBC) on value of all taxable services at a rate of two percent. Though it was told initially that levy is going to
Amendment To Indian TP Rules Allowing Use Of Multiple Year Data And Range Rules
Amendment to Indian TP Rules allowing use of Multiple Year data and Range Rules: (Vide Notification no: 83/2015 dated 19 October 2015 w.e.f 01.04.2014): The amended rules allow the use of “multiple year data” and “range concept” for determination of ALP for undertaking a transfer pricing comparability analysis. Multiple Year
Significance Of Maintenance Of Cost Accounting Records And Cost Audit
Significance of Maintenance of Cost Accounting Records: Most of the companies in present day business scenario may be maintaining the cost records only for internal purpose or to comply with the statutory requirements. But maintaining the cost records in formal and systemic manner helps the companies to cater various other
Note On Key Aspects Of Information Technology Act 2000 And Associated Privacy Aspects
Note is divided into two chapter’s i.e. Chapter I covering Law and Chapter II covering the deduction based on the law. Chapter I The following are some of the important definitions as per the Information Technology Act 2000. Section 2 (i) “computer” means any electronic magnetic, optical or other high-speed
Applicability Of Excise Duty On Waste And Scrap
Introduction: Applicability of excise duty on waste and scrap is always been one of the perennial area of litigation under the Central Excise Law. With intent to subject waste and scrap to excise duty, many of the waste and scraps which arises during the process of manufacture of various excisable
Private Family Trust
LEGAL CONCEPT OF TRUSTS The Indian Trusts Act, 1882 governs the private trusts. This Act doesn’t apply to public trusts and private charitable trusts. The distinction between the private and public trusts is that in private trusts, the beneficiaries are defined and ascertained individuals, but in public trusts, interest may
The Revenue’s Misperception On Cum Tax Benefit
The provisions regarding Cum Tax/Cum Duty is available both under Central Excise Act, 1944 and Finance Act (Service Tax Law) under Section 4(1) and Section 67(2) respectively. Accordingly, wherever service tax or excise duty is not separately collected, assessee is entitled to compute their tax liability treating the
The Art Of Delegation Is Fundamental To Growth
Delegation is vital for effective leadership. Effective distribution of activities can make better use of restricted time and generate opportunity for development. Delegation is the assignment of responsibility to another individual for the purpose of carrying out specific activities. Improved time management, increased teamwork and sense of achievements are the
What is Changing From Current Indian GAAP
The Famous Five The volume and breadth of differences between Indian GAAP and Ind AS is enormous. Further, its impact will vary by industry and for each company. Ind AS will cover every area comprising reported revenues, expenses, assets, liabilities and equity. Before we get into the details of the