profession

Assessees having income from salary have to file return of income before July 31 of the assessment year. This is the `due date' prescribed in section 139(1) of the Income Tax Act, 1961. Self-employed businessmen and professionals, and those deriving income from let-out property too have to file their returns by this date. Full Article

What you know now and are able to do now, what your current success is built on, will unavoidably depreciate in value unless you actively work on learning new things and building new skills. Continual professional development is a lifelong requirement, not an option. There may have been a time when once you got good at something, may be "made partner", you could live off that for the rest of your career. If those times ever existed, they are gone now. The minute you star.. Full Article

On plain reading of above section, we find that certain expenditures are not allowable if the assessee failed to deduct tax or after deduction same was not paid in time. However, such expenditures are allowable Provided that where in respect of any such sum. Tax has been deducted in any subsequent year, or has been deducted— (A) during the last month of the previous year but paid after the said due date; or (B) during any other Full Article

The World Bank defines accountability as “the obligation of power-holders (those who hold political, financial or other forms of power) to take responsibility and answer for their actions”. It defines social accountability as “the broad range of actions and mechanisms (beyond voting) that citizens and their organisations can use to hold societal power-holders (such as the state) to account, as well as actions on the part of government, civil society, media and othe.. Full Article

Roads, flyovers bridges etc., constructed and owned by an infrastructure company and utilised in its business of providing infrastructure is the tool of its trade and an essential adjunct to its business and not merely a setting in which the business is carried on and therefore, would constitute plant and will be entitled to depreciation at the rate of 25 per cent. Full Article

Hon'ble Madras High court in the case of A.Y.S. Paisutha Nadar v. CIT [1962] 46 ITR 1041 (Mad.) had held that section 10(2)(xv) of the Indian income-tax Act, 1922 [section 30(a)(ii) of 1961 Act.] relating to expenditure laid out or expended wholly and exclusively for the purpose of the assessee's business, clearly indicated that the expenditure should relate to a business which is already in existence and not one that is to come into existence in the future. Hence the ex.. Full Article

Foreign Law Firms are not eligible to open liaison offices or to practice law in India. Even giving an opinion on a legal matter amounts to “practise of law”. Non-Advocates cannot practise law. Full Article

The assessee purchased machinery which was not put to use during the year though it formed a part of the “block of assets”. On the question whether depreciation on the said machinery was allowable, the Tribunal held that once a particular asset falls within the block, it is added to the WDV and depreciation is to be allowed on the block. Full Article