Income Tax : The scope of this write up is an attempt to clarify chaos that is taxability of various incomes (specifically interest) from compu...
Income Tax : Allowance of expenditure incurred in relation to exempted income during the assessment or otherwise would be prejudicial to the re...
Income Tax : Introduction- India as a developing economy is in dire need of the funds to boost its development. Tax is one of the major sources...
Company Law : The legislature in their wisdom decided to plug loopholes of the erstwhile Companies Act, 1956 by inclusion of various new provisi...
Company Law : NACAS set up under Companies act 1956 and NFRA set up under Companies act 2013 are the bodies for the purpose of advisory and regu...
The scope of this write up is an attempt to clarify chaos that is taxability of various incomes (specifically interest) from compulsory acquisition of land. Types of income which an asset under consideration can result are capital gain (if asset is a capital asset), interest on compensation or enhanced compensation.
Allowance of expenditure incurred in relation to exempted income during the assessment or otherwise would be prejudicial to the revenue that’s why Section 14A was introduced by the Finance Act 2001 with retrospective effect from 1st April 1962 in Chapter IV of the Income Tax Act 1961 which inter-alia provides for the disallowance of the […]
Introduction- India as a developing economy is in dire need of the funds to boost its development. Tax is one of the major sources of Indian government revenue. Direct Taxes are contributing more than the Indirect taxes. To secure the Direct Tax collection and to curb its avoidance; the GAAR was first introduced in the […]
The legislature in their wisdom decided to plug loopholes of the erstwhile Companies Act, 1956 by inclusion of various new provisions to prevent frauds in the Companies Act, 2013 which were not a part of the erstwhile Companies Act. The noble intention behind bringing new preventive provisions is to bring more transparency in day to […]
NACAS set up under Companies act 1956 and NFRA set up under Companies act 2013 are the bodies for the purpose of advisory and regulation of compliances with the standards notified in relation to accounting and auditing. The NACAS will no longer be in action after applicability of section 132 of the Companies act 2013,
