The issue under consideration is whether as per Section 43CB, profits and gains of a construction company mandatorily be determined on the basis of percentage completion method for revenue recognition?
The issue under consideration is whether assessee is justified in reducing the assessable value to the actual cost of production in the inter-unit transfer of goods?
The Supreme Court has reiterated that ‘dispute’ for the purpose of Section 8 of the Insolvency and Bankruptcy Code must truly exist in the facts and spurious, hypothetical and illusory
Blockchain as a term can be divided into two words i.e. block (a digital piece of information) and chain (number of information add-ups), which cannot be more than 1MB. It aims to provide Digital information that can be stored uniquely and cannot be edited further.
In business there are occasions when a capital asset is converted into stock-in-trade and stock-in-trade is converted into capital asset. There may also be occasions when an asset ceases to be a stock-in-trade. In this context, section 45(2) of the Income-Tax Act, 1961 (the Act) is relevant. For the sake of ready reference, section 45(2) is reproduced as follows :
Income Tax Department issue notices to non-filer of Income Tax Returns from time to time and Taxpayer needs to submit his reply to such notices. Department has enabled a facility by which taxpayer can submit his response online to such notices.
Deposit of Tax deducted and Demand for TDS Defaults with respect to Purchase of Immovable Property (26QB Statement-cum-challan) Here is a important tips, for the convenience of Taxpayers, who have executed any transaction for Purchase of Immovable Property exceeding Rs. 50 Lakhs (Rupees Fifty Lakhs). Please take note of the following key details for Payments […]
Section 124 of The Indian Contract Act, 1872 defines “Contract of indemnity” as “A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person, is called a “contract of indemnity.”
Learn how to generate EVC for e-Filing of Income Tax return using NSDL demat account details. Simplify the process with this step-by-step guide.
Whether interest will be levied on availment of excessive subsidies of 25% under Rajasthan Investment Promotion Scheme-2003 until the whole excessive subsidies are recovered?
