We were told by history that before advent of cash there was concept of barter system though barter system where there was no currency ‘no cash’ and things were exchanged according to needs and sooner society realized that barter system having its own series of advantages and disadvantages need to be left behind with time and later on various personalities, kings and governments introduced new coins and currency made from time to time making impressions of their choice on such coins.
Understanding tax provisions related to receipt and forfeiture of earnest money in the Income-tax Act. Learn about the impact on cost of acquisition and taxation.
About The Author Born in a humble middle-class family in Jalandhar (Punjab) in 1962, Ravinder, an avid academic turned every obstacle into opportunity through sheer hard work, graduated in Bachelors of Commerce from DAV College, Jalandhar. After graduation he stepped into nonetheless a rigorous course of accountancy from Institute of Chartered Accountants of India and […]
E-BOOK: KNOW WHEN TO SAY NO TO CASH TRANSACTIONS Article explain Restrictions on Cash Expenditure (Capital & Revenue), Incentives to encourage cashless business transactions, Restrictions on Cash Loans, Deposits & Advances, Restrictions on Cash Transactions in Real Estate, Restrictions on Income Tax Deductions, Restrictions on Cash Transactions of Rs. 2 Lacs or more, Mandating Acceptance […]
The applicability of the provisions of section 269SU to those business entities who do not receive payments from retail customers was always in question.
E-BOOK ON PRACTICAL APPROACH TO PRESUMPTIVE TAXATION This Article/ E-Book explains Provisions of Section 44AB, Provisions of Section 44AA , Provisions of Section 44AD of Income Tax Act, 1961, Applicability of provisions of sec 44AA, 44AB and 44AD when turnover is up to Rs. 1 crore, Presumptive Taxation Scheme under Section 44ADA, Presumptive Taxation Scheme […]
Recent amendments in section 115BBE emerge from the seesaw battle between the government and the assessees who leaves no stone unturned to evade taxes and between these skirmishes the honest taxpayer is often overripen in this heat of revenge. The provisions of sec 115BBE of the Act are draconian at first glance and can give nightmares to assessee. These provisions cannot be applied in a lackadaisical way or perfunctory manner.
Article explains Taxability of gift to minor, Taxability of gift to uncle by nephew, Whether gifts received from friends and relatives on the occasion of daughter’s marriage are exempt, Taxability of Gift of Car, Whether interest free loans can be charged to tax as sum of money received without consideration, Taxability of Gift from Mother’s […]
To provide relief to small taxpayers from this tedious work, lawmakers framed Special provisions for computing profit and gains on presumptive basis under sections 44AD, 44ADA and 44AE. The taxpayer can declare his income at prescribed rates or higher than that.
Sec 269ST of The Income Tax Act, 1961 states that No person shall receive an amount of two lakh rupees or more— (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise […]
