Indian accountancy profession has been acting responsibly offering its complete support to the Government of India in its initiatives, particularly those relating to economy.
Section 158BC(c): Where any search has been conducted under section 132 or books of account, other documents or assets are requisitioned under section 132A, in the case of any person
The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (SICSPRA) shall come in force from December 01, 2016 vide notification issued in official gazette on November 25, 2016.
Income declared under this scheme will attract tax of 30% plus 33% surcharge on tax ( known as ‘Pradhan Mantri Garib Kalyan Cess’ ) plus penalty equal to 10% of undisclosed income which will be equal to 50% of undisclosed income.
Brief– By donating the amount, the firm had been able to attract good Articled Clerks and other professional persons who are the backbone of any professional practice. Thus there was a good professional reason for the firm to contribute to the building fund of the Branch of the ICAI. The said payment satisfies the commercial […]
A declaration in the return filed by Assessee under Wealth Tax Act would certainly be a relevant fact for determination of cost of acquisition which under Section 55(2) of Act to be determined by a determination of fair market value.
If the expenditure consists of merely facilitating the assessee to carry on business more profitably leaving the fixed capital untouched, it would be on revenue account.
Assessee will be entitled for benefit of deduction U/s. 54F of Act if he demolished new asset being residential house purchased by him within period of three years from the date of purchase in violation to Section 54F(3) of Act.
Before we move on to understand the glitches that are faced at the time of migration, let us analyze the criteria that your company must consider to gauge whether a New Accounting System is indeed desirable.
Applicant, who is seeking registration, will have to declare his PAN, mobile no and email address in Part A of Form GST REG–01 on GSTN portal or through Facilitation centre (notified by board or commissioner).
