This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case of conflict between the provisions of the Income-tax
Complete Study On Works Contracts – Service Tax
The aim of the series of articles is to give a bird’s eye view on the impact of service tax on the various transactions pertaining to the real estate industry. The complications involved in the real estate industry are myriad and often confusing for the trade as regards to the
Guidelines For Compounding Of Offences Under Direct Tax Laws 2014
Compounding of Offences Under Income Tax: According to provisions of Section 279(2) any offence under the Chapter XXII (Offences and Prosecutions) may, either before or after institution of proceedings is compounded by the Principal Chief Commissioner or Chief Commissioner or a Principal Director General1 or Director General. Compounding
Input Service Vs Works Contract Service – A Case Study
The definition of ‘input service’ is always a mystery to the trade and business and the concept of ‘works contract’ is even more disturbing. This article attempts to deal with the two promising issues when they get in touch with each other, that is to say whether the credit of
Tds On Internet, Mobile, Telephone Charges Paid To A Resident
Introduction: Tax Deducted at Source (TDS) is one of the modes of recovery of income tax. Chapter XVII of the Income Tax Act, 1961 contains the provisions relating to deduction of tax at source from salaries, payment to contractors, interest etc… The Finance Act, 2012 has made an amendment to
Borrowings And Related Compliancesunder The Companies Act, 2013
Borrowed Funds form a kay part in the running the business, and the Companies Act, 2013, has robed in more checks and balances, compliances fortransparency and good governance. An effort has been made the list out the provisions as to Borrowings and related compliances thereof. Section 180 of the Companies
Allotment Of Shares – Unlisted Companies – Critical Aspects
In the changed landscape of Company Law, we have thought it fit to cover the critical aspects of allotment of shares, its related regulations under Foreign Exchange Management Act, 1999 vis-à-vis Companies Act, 2013 read with rules made there-under. For keeping the topic simple and useful, we have listed out
Is Sale Of Agricultural Land For Non-Agricultural Purpose Taxable?
Section 45 of the Income Tax Act, 1961 provides for chargeability of Capital Gain on transfer of a “Capital Asset”. Capital Gain arises only when a capital asset is transferred. If the asset transferred is not a capital asset, it will not be covered under the head “Capital Gains”. The
Input Services Vs Renting Of Immovable Property – A Case Study
The definition of ‘input service’ is always a mystery to the trade and business and has created a huge litigation as regards to what is eligible as input service for utilization of the same. The Board has amended the definition of the ‘input service’ with effective from 01.04.11 in anticipation
Internal Audit For Companies Under Companies Act, 13
Chapter – IX – Section 138 deal with the provisions 01.04.2014. Section-138: of the Companies Act, 2013, together with the rules made thereunder, as to Internal Audit of Companies – Notified to be effective from The Section reads as under: “138. (1) Such class or classes of companies as may