Instances arise where NBFCs fail to accurately calculate interest on these deposits, especially when it comes to considering the compounding frequency (RESTS) on a monthly, quarterly, or yearly basis.
Ld. AO has disallowed the provision for sick leave amounting to Rs. 80,51,334/- which has already been disallowed by the assessee in its computation of taxable income. Para 5.15 of CIT(A)’s order at page 17 refers. Therefore, sustenance thereof will amount to double disallowance.
GE Power India Limited Vs Union of India & Ors (Calcutta High Court) HC held that impugned orders dated 12th February, 2020 rejecting the petitioner’s applications under the SVLDRS 2019, are arbitrary, invalid, perverse and not tenable in the eye of law for the following reasons: (i) On the date of filing of the applications […]
Provisions of section 28 of Income Tax Act, 1961 specify income chargeable to income tax under ‘Profits and gains of business or profession’.
Curbing cash transactions Section 269SS of Income Tax Act mandates electronic modes for loans above ₹20,000 to fight black money. Understand the provisions, penalties for non-compliance, and FAQs.
Tax audit procedure under Section 44AB of the Income Tax Act explained simply. Taxpayers need to appoint a Chartered Accountant to comply with 44AB provisions. Learn details with our analysis.
Explore the intricacies of Schedule III of the Companies Act, 2013. Understand its divisions, applicability, and key aspects for preparing ‘Balance Sheet, ‘Statement of Profit and Loss, and ‘notes. Get insights into divisions for different types of companies and FAQs for a comprehensive understanding.
Understand the concept of One Person Company (OPC) and its provisions under Companies Act, 2013 with this article. All questions answered.
Understand the depreciation provisions as per Companies Act, 2013 – a brief analysis. Depreciation and its components as per Companies Act, 2013 explained in detail. Learn the key definitions of depreciation and how it is calculated. Depreciable amount & useful life – what does this mean in the context of Companies Act, 2013? All the details for depreciation provisions in Companies Act, 2013 are here.
Dive into the world of Surcharge on Income Tax—an additional charge levied on tax. Explore current effective surcharge rates for various entities, understand marginal relief, and find answers to FAQs. Stay informed about income tax regulations and ensure compliance.
