Alternative Minimum Tax (Sec 115JC to 115JF): Finance Act 2011 has introduced payment of Alternative Minimum Tax (AMT) on Limited Liability Partnership. Finance Act, 2012 has extended the scope of AMT by making applicable it to all persons except companies. It is applicable if any person is claiming deduction U/S
Application of Section 50 and 50C
Is it right in law in applying the section 50C and section 50 (depreciable assets) while computing capital gains on sale of depreciable assets? Assessee is a partnership firm. It has sold the office building used earlier for business purpose during the previous year. The asset was sold for a
Disallowance Of Expenditure Due To Non – Compliance of TDS Provisions
Section 40 of the Income Tax Act, 1961 provides for non-deduction of amount of expenditure specifically mentioned there in. One of the important provisions which merit our attention and faced by many assesses in day to day transactions is 40(a)(ia). Section 40(a)(ia) provides for disallowance of expenditure in relation to
Provisions, Procedure For Allotment Of Securities By Way Of Private Placement
Unlike the Companies Act, 1956, the Companies Act, 2013, stipulates stringent provisions for allotment of securities. These provisions have also been made applicable to Private Companies. The provisions of Section 42 and rules made thereunder are to be complied in case of allotment of Securities by Private placement and the
Kaun Banega ‘Service Receiver’
The title of the article has taken its genesis from the newly introduced Place of Provision of Service Rules, 2012 (for brevity ‘POP Rules’). As every person reading this article know that there is a paradigm shift in the taxation of the services with effective from 01.07.2012, popularly known as
Related Party Transactions – Section 188
Section 188 of the Companies Act, 2013 [No.18 of 2013], notified to be effective from 01.04.2014, integrates the provisions of Sections 294, 294A, 294AA, 297 and 314 of the Companies Act, 1956 [No.1 of 1956]. The provisions of Section 188 are applicable to all Companies, including OPC/Small Companies. To understand