Excel’s VLOOKUP function, which stands for vertical lookup, is used to find specific information that has been stored in a spreadsheet table. This tutorial includes step by step instructions of how to use Excel’s VLOOKUP function.
Filing of return & due date & PAN/ TAN – Since there is no threshold limit for taxability of income in case of a co-operative society, it implies that if a society has any taxable income, it has to file a return of income . Since accounts of all co-operative societies are subject to statutory audit provisions under respective governing laws, therefore due date for filing return of income under the Income-tax Act, 1961 is September 30.
As per Sub-section (2), the ISARC becomes a lender of the financial assets in place of SIDBI and thus, has all the rights of SIDBI in relation to the financial assets which were acquired by it. The contention of the learned counsel for the petitioner that no financial facility was extended by SIDBI to ISARC and so the cheques in question would not be financial assets within Sub-section (2), is highly misplaced. SIDBI had advanced certain loans to the petitioners,
The term ‘computer programme’ had not been defined under Section 10B of the Act, however, it had been defined under Section 10BB of the Act as ‘computer programme’ or ‘process’ or ‘management of electronic data’. After the amendment with effect from 1 April 2001, the definition of computer software had been given in the Explanation 2 to Section 10B of the Act which includes any customised electronic data or any product or services of similar nature as notified by the Central Board of Direct Taxes (CBDT) which is transmitted or exported from India to any place outside by any means. Therefore, the human resource service in the field of development of software programme as notified falls under the definition of computer programme as stipulated in the Explanation as well as the definition under Section 10BB of the Act.
ITAT held that the proportionate discount on deep discount debentures issued for construction of house property is in the nature of interest as defined under Section 2(28A) of the Income-tax Act, 1961 (the Act). Therefore, such interest would be allowable as deduction under the provisions of Section 24(b) of the Act while computing income from house property. The Tribunal relying on the Supreme Court’s decision in the case of Madras Industrial Finance Corpn Ltd v. CIT [1997] 225 ITR 802 (SC) observed that the difference between the issue price and maturity value has to be spread over the debenture holding period. Accordingly, proportionate deduction should be allowed in computing income from house property.
Tribunal held that use of the expression ’may be taxed’ in the second sentence of Article 7 on business profits would permit both the state, in which the permanent establishment (PE) is situated (Source State or PE State), as well as the Residence State of the enterprise, the right to tax the business profits attributable to the PE.
Registration Of Companies Or Llps Which Have One Of Their Objectives To Do Business Of Architect. Integration Of Director’s Identification Number (Din) Issued Under Companies Act, 1956 With Designated Partnership Identification Number (Dpin) Issued Under Limited Liability Partnership (Llp) Act, 2008
Companies now have to follow Vertical Format for presentation of financial statements; horizontal format is no longer permitted by Revised Sch-VI. The Schedule No. as required earlier has been replaced with Note No. Number of shares held by each shareholder holding more than 5% shares now needs to be disclosed. Such information will be based on shares held as on the balance sheet date.
The following are the steps involved in appointment of Mr. A as Managing Director in a Company who is not an Managing Director in any other Company: 1- Convene Board Meeting, appoint Mr. A as Additional Director and pass resolution for appointment as Managing Director (sample of resolution specified hereunder) and fix date and approve notice of General Meeting for passing ordinary resolution or special resolution, as the case may be (explained hereunder)
I am preparing this Note in order to clarify the position that none of the amendments relating to Direct Taxes, particularly those relating to TDS and TCS, will come into force with immediate effect. In other words, all the amendments relating to the Direct Taxes will become effective, only after the Finance Bill, 2012, is enacted as part of the Income-Tax Act, 1961.
