Income Tax : Real Estate is an ever green investment option in India and it has always given good returns. It can be a residential or commercia...
Income Tax : We Indians, always wait for last date for any task whether it filling of examination form or Income Tax Return. As we all knew las...
Income Tax : As earlier years, this year too salaried class had so much expectation from budget and as earlier years this year too they are dis...
CA, CS, CMA : Finance Act, 1984 introduced Section 44AB under Income-tax Act, 1961 w.e.f Assessment Year 1985-86. Under this section, if the tot...
Income Tax : CMA Arif Farooqui As next year budget is just round the corner, everyone is expecting something from Finance Minister but we shoul...
Real Estate is an ever green investment option in India and it has always given good returns. It can be a residential or commercial property. Real Estate gives recurring income in form of rent and appreciation in value in case of re-sale. As it gives good return, so taxability of income earned from real estate too arise. Taxability of income from real estate can be explained as below.
We Indians, always wait for last date for any task whether it filling of examination form or Income Tax Return. As we all knew last date for filling of Income Tax Return for A/Y 2018-19 was extended from 31st July 2018 to 31st August 2018 but still there are many who have not filled their Return and now all these persons seeking appointment with their CA/CMA.
As earlier years, this year too salaried class had so much expectation from budget and as earlier years this year too they are disappointed after budget. No new deductions or no enhanced deductions, no rebate, no parity with self-employed/professionals (who are taxed on net income basis).
Finance Act, 1984 introduced Section 44AB under Income-tax Act, 1961 w.e.f Assessment Year 1985-86. Under this section, if the total sales / turnover or gross receipts for previous year exceed the prescribed limits then assessee is required to get his accounts audited by an “Accountant”. This audit is popularly known as Tax Audit.
CMA Arif Farooqui As next year budget is just round the corner, everyone is expecting something from Finance Minister but we should understand, he has some limitations due to heavy fiscal deficits. There are numbers of points which we are expecting from this budget but I would limited my article to points which affecting salaried […]
W.e.f from Financial Year 2011-12, Professional (CA, CMA, CS) signing MCA Annual Return have to certify whether Cost Accounting Record Rules -2011 (CARR) or Cost Audit Orders (CAO) are applicable on company or not and mention Product or Service Category Code (ITC/ NPCS 4 Digit Code). They have to certify it on Form 23 AC and Form 23 ACA on the following page:
No doubt, Chartered Accountancy course has enjoyed wide popularity but CMA and CS courses too have been gaining popularity over the last few years. Particularly, growth in numbers of students enrolled for CMA is far more than any other course in India. This is because of cost awareness amongst the business entrepreneurs due to growing competition in the market, and this has resulted in increased demand for CMA.
As per notification issued by Ministry of Corporate Affairs, dated 3rd June, 2011; The Companies (Cost Accounting Records), Rules 2011 shall apply to every company, including a foreign company, which is engaged in a) Production b) Processing c) Manufacturing d) Mining Activities
Ministry of Corporate Affairs has issued various Cost Audit Orders in Financial year 2011-12, some of which applicable from Financial Year 2011-12 itself and some become applicable in Financial Year 2012-13.
The best way to start a business is to incorporate Private limited company because it has many advantages like limited liability of members and directors, separate legal entity, easy compliance, etc. A company can be formed with minimum 2 directors and minimum paid up capital of Rs 1 Lakh.
