Fictitious Revenues involve sale of goods or services that did not occur. Fictitious invoices can be fake, but can also involve legitimate customers. A fictitious invoice can be prepared for a legitimate customer even though goods are not delivered or services have not been rendered.
If a taxpayer earns any profit on sale of assets then such gain is taxable at special rates prescribed under income tax act 1961. The Income Tax Act, however provides options to save taxes on these capital gain by making investments under specified sections of income tax act. In order to save taxes on profits […]
Legal implications of deposit of Specified Bank Notes (SBNs) vis-à-vis Section 69A of the Income-tax Act, 1961 It has been considerable time since the demonetization of the earlier bank notes of denomination Rs.1,000/- and Rs.5,000/-, also referred to as the Specified Bank Notes (SBNs) was implemented by the Central Government by notification in the Official […]
Acting on intelligence regarding illegal manufacturing and clandestine supply of gutkha/pan masala/tobacco product namely “Suhana Gold” and “SHK” brands without registration and payment of duty, Anti-Evasion officers of Central Tax Delhi had conducted an operation which busted the racket and led to the arrest of one of the key persons on 02.01.2021.
Name change involves alteration in Memorandum of the company. So provisions for Alteration of Memorandum are to be complied. Let us know in detail through this article about applicable provisions and practical procedures to change the name of a company.
CORPORATE SOCIAL RESPONSIBILITY (CSR) – STANDARD OPERATING PROCEDURE (SOP) CSR – Corporate Social Responsibility Governing provisions: Section 135 of Companies Act, 2013 read with The Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended thereto. Important definition/terms: 1. Threshold limits of the previous financial year a) Net worth =/exceeding Rs.500 Cr b) Turnover =/exceeding Rs.1,000 […]
For reducing the income tax burden and for providing relief from tedious taxation work to the small taxpayers, the Indian government incorporated the presumptive taxation scheme under Section 44AD. Taxpayers opting for the presumptive taxation scheme can declare their income at the prescribed rate and aren’t required to maintain the books of accounts. As per […]
We are of the opinion that the assessee has invested the sale consideration on transfer of Capital Asset in purchasing a new residential property in the name of Smt. Shailaja J who is being married widowed dependent daughter of the assessee and also legal heir of the assessee. Accordingly, we direct the Assessing Officer to grant exemption u/s. 54F of the Act on the amount invested in purchase of residential house in his daughter’s name.
Tamil Nadu Industrial Policy 2021 Tamil Nadu Chief Minister Edapaddi K. Palanisami has unveiled the State’s new Industrial Policy 2021 last Tuesday. The State’s real GSDP has grown at a real compounded annual growth rate of nearly 8% since the previous Industrial Policy in 2014. The Policy aims to service as a criticial instrument that […]
NELSON MANDELA said- Education is the most powerful weapon which you can use to change the world. For a man who spent 27 long years in prison in his anti-apartheid battle, received about 250 honors worldwide, including the Nobel Peace Prize, he truly valued the importance of Education. It is inspiring for all of us, […]
