Any post office shall not allow investment through withdrawal form (SB-7) under SAS / MPKBY Agency System in different National Savings Schemes.
All the interest bearing funds had been utilized towards interest bearing advances and this was evident from the balance sheet whereby interest bearing loan was Rs. 3,03,50,275 against which, interest bearing advances were Rs. 3,41,00,000 i.e. more than the amount borrowed. No disallowance could be made under section 36(1)(iii) as the amount borrowed on interest had been used specifically and exclusively for advancing amounts of interest for the purposes of earning income.
Restrictions There are many sections in the income tax which discourages or restrict the usage of cash, some sections create the disallowance the of expense and other penalise the person doing the cash transaction, some of which are given as follows: – > Section 13A (Special provision relating to incomes of political parties): Exemption to […]
Our Association expresses the gratitude for successful launching and execution of amnesty scheme-2021. This scheme is really a wonderful and result oriented as well beneficial to the trade. Sir, although the scheme was launched vide notification dated 24/02/2021 but the expedition was got started after second week of March 2021 due to technical updating of your portal.
The AAR, Kerala, in Abbott Healthcare Pvt. Ltd. [Advance Ruling No. KER/97/2021 decided on June 07, 2021] held that the placement of specified medical instruments to unrelated customers like hospitals, labs etc., for their use without transfer of ownership and consideration, against an agreement containing minimum purchase obligation to purchase medical instruments for specified period, […]
Since AS-11 was mandatory and required to be followed in computing the income, therefore, assessee was entitled to claim depreciation on forex loss pertained to non-depreciable asset acquired in India as loss from income.
ICAI analyses amendment in Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 vide IEPF Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2021 which were notified by Ministry of Corporate Affairs vide its notification dated 09th June 2021. THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (Set up by an Act […]
By now You must have already gone through hundred of articles explaining cumbersome new provision of Sec.194Q which is coming w.e.f. 01.07.2021 by the Finance Act,2021. This is my humble attempt to simplify the same to make it understandable to layman aka taxpayer. If you happen to go through Honorable FM’s budget speech of 2021, […]
The Finance Act, 2021 has introduced a new Section- Sec. 206AB. This is a Special Provision for deduction of tax at source for non-filers of income tax return. This Section shall come into effect from 01st July, 2021. The purpose behind introducing this Section is to ensure maximum income tax coverage and compliance. The Government […]
Introduction As per the provisions of sec 40a (ii) any payment on account of any rate or tax levied on the profits or gains of any business or profession are not allowable as a business expense. Hence, the amount of Income tax Paid by the assessee is disallowed u/s 40(a)(ii). However, along with Income Tax, […]
