Corporate Law : In the previous article, we discussed regarding various provisions of Companies Act, 2013, where valuation is required, profession...
Income Tax : Law makers observed that there is many companies which are disclosing massive profit in the accounts as laid in the Annual General...
Income Tax : Considering the potential of new digital economy and the rapidly evolving nature of business operations it is found essential to a...
Goods and Services Tax : In this write up I tried to analyse:- 1. Scheme of Input Tax Credit under Model GST Law 2. About various returns under GST and 3...
Goods and Services Tax : Finance Ministry of India has placed Model GST Law, 2016 for public comments/suggestions on its website with aiming to GST roll ou...
Taxation whether direct or indirect in real estate sector always been a very critical issue due to different nature of this sector. In the recent past, there has been made lots of various provisions in the different tax laws to bring various activities, income, charges or fee etc. under tax regime.
-With the introduction of the Companies Act, 2013, the method of charging depreciation on fixed assets has been changed. In the Companies Act, 1956, the depreciation had been charged with the percentage of rate prescribed under schedule-XIV thereof, but in new Companies Act, 2013, depreciation is going to be charged on the basis of useful life of tangible assets prescribed under schedule-II thereof.
Commissioner of Income Tax (CIT) has the power u/s 263 & 264 of the Income Tax Act, 1961, to consider an order passed by Assessing officer (AO). U/S 264, CIT can consider the order passed by AO, only when an appeal is made by assessee to him within stipulated time frame. However, u/s 263 CIT possesses the power to consider the order passed by AO and prejudicial to revenue, relevant extract of section 263 is as follows:-
The foreign portfolio investors (referred as foreign institutional investors in the Act) face a difficulty in characterization of their income arising from transaction in securities as to whether it is capital gain or business income. Further, the fund manager managing the funds of such investor remains outside India under the apprehension that its presence in India may have adverse tax consequences.
Under the Income tax Act, 1961, the power of conducting Tax Audit u/s 44AB and various others certification/attestation work is conferred upon an Accountant, the term Accountant is defined under explanation to sub-section (2) of section 288 of Income tax Act, 1961 as under:
