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Annual Compliances for Private Company based on Paid-Up Share Capital

Company Law : Annual Compliances for Private Company based on Paid-Up Share Capital under Companies Act, 2013. Article Annual Compliances for Pr...

April 19, 2021 14073 Views 1 comment Print

Annual Compliances for Private Company based on Turnover

Company Law : Annual Compliances for Private Company on the basis of Turnover under Companies Act ,2013. Article explains Annual Compliances for...

April 19, 2021 11235 Views 1 comment Print

How to Compute Turnover In Case of Future & Options, Speculation for Tax Audit

Income Tax : Query I AM engaged in the buying and selling of shares. I take delivery of the shares purchased and also deliver the shares at th...

August 19, 2018 228591 Views 33 comments Print

How costly can the delay in filing tax returns be?

Income Tax : Due date for Filing Income Tax Return for Assessment Year 2016-17 for Salaried Persons and other Assessees who are engaged in bus...

July 8, 2018 105352 Views 79 comments Print

House Rent Allowance (HRA) Taxability & calculation

Income Tax : Calculate your House Rent Allowance (HRA) exemption know HRA exemption Calculation Formula and download HRA Calculator in excel fo...

June 28, 2018 3120839 Views 456 comments Print


Latest News


SEBI's income from fees and other charges dropped by 46 per cent

SEBI : SEBI's income from fees and other charges dropped by 46 per cent to Rs 213 crore in the fiscal 2008-09 as against Rs 397 crore rec...

December 5, 2009 657 Views 0 comment Print

Main attraction of the Direct Taxes Code 2009, simplicity of the provisions

Income Tax : The main attraction of the Direct Taxes Code 2009 will be the simplicity of the provisions, Mr P.V. Bhide, Secretary-Department of...

November 20, 2009 718 Views 0 comment Print

I-T department carried out search at Bombay Rayon & related parties

Income Tax : Mumbai: Officials from the income-tax (I-T ) department on Wednesday and Thursday carried out searches at various offices of Bomba...

August 16, 2009 543 Views 0 comment Print

UPA will focus on Small and Medium Enterprises (SME)

Finance : The UPA is back at a time faced with economic slowdown and hence, an immediate agenda of economic revival. The Small & Medium ...

June 8, 2009 333 Views 0 comment Print

Half-Yearly Audit Rule Puts Small Broking Companies in a Spot

Finance : The decision to make half-yearly internal audits obligatory for stock broking houses spells doom for smaller firms that are alread...

September 12, 2008 576 Views 0 comment Print


Latest Judiciary


Section 80HHC- SC Explains meaning of Turnover- Sale proceeds of scrap is not ‘turnover’

Income Tax : So far as the scrap is concerned, the sale proceeds from the scrap may either be shown separately in the Profit and Loss Account o...

May 11, 2014 6561 Views 0 comment Print

Any company whose principal business is banking or granting of loans and advances will not be attracted by explanation to section 73 of the IT Act, 1961

Income Tax : . In view of the above decision, the company whose principal business is that of granting of loans and advances, may earn a compar...

January 4, 2010 2405 Views 0 comment Print

If the Assessing Officer has made the assessment by making such inquiries as he deemed fit, the order cannot be termed as erroneous

Income Tax : I have duly considered the rival contentions and the material en record. The perception of the CIT that the profit is low prompted...

October 20, 2009 949 Views 0 comment Print

Estimated expenditure towards warranty is allowable

Income Tax : The assessee sold valve actuators. At the time of sale, the assessee provided standard warranty that if the product was defective ...

May 17, 2009 418 Views 0 comment Print

Estimated expenditure towards warranty is allowable u/s 37 (1): SC

Income Tax : The assessee sold valve actuators. At the time of sale, the assessee provided standard warranty that if the product was defective ...

May 14, 2009 469 Views 0 comment Print


Latest Notifications


Trade Circular No. 25T of 2008 on Business Audit under MVAt dated 23/07/2008

Goods and Services Tax : As expressly mentioned in Section 22, the primary object of business audit is to promote compliance with law. Business audit is a ...

July 23, 2008 2421 Views 0 comment Print


Latest Posts in turnover

Annual Compliances for Private Company based on Paid-Up Share Capital

April 19, 2021 14073 Views 1 comment Print

Annual Compliances for Private Company based on Paid-Up Share Capital under Companies Act, 2013. Article Annual Compliances for Private Company when paid up capital is less than Rs. 2 Crore, when Paid-Up Share Capital is more than Rs.2 Crores, when Paid-Up Share Capital is Rs. 5 Crores or more, when Paid-Up Share Capital is Rs. […]

Annual Compliances for Private Company based on Turnover

April 19, 2021 11235 Views 1 comment Print

Annual Compliances for Private Company on the basis of Turnover under Companies Act ,2013. Article explains Annual Compliances for Private Company when turnover is more than Rs. 20 Crores, when turnover is more than Rs.100 Crores, when turnover is more than Rs.200 Crores and when turnover is more than Rs.1000 Crores. Annual Compliances for Private […]

How to Compute Turnover In Case of Future & Options, Speculation for Tax Audit

August 19, 2018 228591 Views 33 comments Print

Query I AM engaged in the buying and selling of shares. I take delivery of the shares purchased and also deliver the shares at the time of sale. In such a case, how is the turnover to be reckoned for the purpose of determining whether a tax audit under Section 44AB is to be done? Is it the aggregate amount of sale that has to be taken as the turnover?

How costly can the delay in filing tax returns be?

July 8, 2018 105352 Views 79 comments Print

Due date for Filing Income Tax Return for Assessment Year 2016-17 for Salaried Persons and other Assessees who are engaged in business and profession and whose turnover is less than Rs. 100 lakh (in the case of business) and Rs 25 lakh (in the case of profession) is 31st July 2016. In this article we have detailed in the form of Question answers Consequences of Delay in Filing Return of Income or of Filing Return after the due date.

House Rent Allowance (HRA) Taxability & calculation

June 28, 2018 3120839 Views 456 comments Print

Calculate your House Rent Allowance (HRA) exemption know HRA exemption Calculation Formula and download HRA Calculator in excel format for easy calculation of exempt HRA Allowance out of Total HRA received by Salaried Assessee.

FAQs on MVAT Audit Report in Form 704

June 14, 2016 78873 Views 9 comments Print

What is Audit Report in Form 704? Ans : It is a report under section 61 of MVAT ACT, 2002 to be submitted by eligible dealer within 10 months of the end of a particular financial year.

Section 80HHC- SC Explains meaning of Turnover- Sale proceeds of scrap is not ‘turnover’

May 11, 2014 6561 Views 0 comment Print

So far as the scrap is concerned, the sale proceeds from the scrap may either be shown separately in the Profit and Loss Account or may be deducted from the amount spent by the manufacturing unit on the raw material, which is steel in the case of the respondent-assessee

Any company whose principal business is banking or granting of loans and advances will not be attracted by explanation to section 73 of the IT Act, 1961

January 4, 2010 2405 Views 0 comment Print

. In view of the above decision, the company whose principal business is that of granting of loans and advances, may earn a comparatively high income from some other activity in a particular year, merely because the income/loss from share trading in the year under consideration is higher than the interest income,

SEBI's income from fees and other charges dropped by 46 per cent

December 5, 2009 657 Views 0 comment Print

SEBI’s income from fees and other charges dropped by 46 per cent to Rs 213 crore in the fiscal 2008-09 as against Rs 397 crore recorded during the previous fiscal, SEBI’s annual report released on Wednesday said.

Important Aspects of New VAT Audit Form -704

November 24, 2009 17810 Views 0 comment Print

For non filing or late filing of the Audit Report, penalty at the rate of 0.1% of the turnover of sales is also leviable. As explained from beginning, under VAT Act the assessments will be sparing, based on selection criteria. Therefore, to have authentic checking of the returns/tax liability of the dealer, the VAT Audit provision has been introduced. The VAT Audit report in Form 704 is accordingly notified in the MVAT Rules right from 01.04.2005. However, the said Form is now replaced by Notification dated 26.08.2009 under Rule 17A(2) of MVAT Rules,2005 applicable from 01.04.2008. The newly introduced Form will accordingly be applicable from financial year 2008-2009. Some of the important aspects of this Form can be noted as under:

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