turnover

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 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. […]...

Read More

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 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 fo...

Read More

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

Company Law - 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...

Read More

How costly can the delay in filing tax returns be?

Company Law - 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 Questi...

Read More

House Rent Allowance (HRA) Taxability & calculation

Company Law - 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....

Read More

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

Company Law - 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....

Read More

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

Company Law - The main attraction of the Direct Taxes Code 2009 will be the simplicity of the provisions, Mr P.V. Bhide, Secretary-Department of Revenue, Ministry of Finance, said.The level of understating between the assessees and department will be higher, Mr Bhide said at a presentation on the code organised by the Indian Chamber of Commerce and Ind...

Read More

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

Company Law - Mumbai: Officials from the income-tax (I-T ) department on Wednesday and Thursday carried out searches at various offices of Bombay Rayon Fashion, a textile company promoted by Janardhan Agarwal. The company is into garments , textile and retail....

Read More

UPA will focus on Small and Medium Enterprises (SME)

Company Law - The UPA is back at a time faced with economic slowdown and hence, an immediate agenda of economic revival. The Small & Medium Enterprises (SME) is one of the high growth sector with over 40% contribution to the industrial production. Given the high potential of SMEs to develop entrepreneurial skills, generate employment as well as [&h...

Read More

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

Company Law - The decision to make half-yearly internal audits obligatory for stock broking houses spells doom for smaller firms that are already burdened with low-trading turnover, dipping revenues and increased policy levies. According to a section of brokers, half-yearly internal audits will not only be difficult to implement, but also make a dent i...

Read More

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

Commissioner of Income Tax-VII Vs Punjab Stainless Steel Industries (Supreme Court of India) - 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...

Read More

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

SICAL Logistics Ltd. Vs. Additional CIT (ITAT Chennai) - I have duly considered the rival contentions and the material en record. The perception of the CIT that the profit is low prompted him to issue show cause notice to the assessee. Profit before taxation of the company as a whole for the year under consideration...

Read More

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

ITO Vs Bijay Paper Traders & Investments Ltd. (ITAT Delhi) - . 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 in...

Read More

Estimated expenditure towards warranty is allowable

Rotork Controls vs. CIT (Supreme Court) - The assessee sold valve actuators. At the time of sale, the assessee provided standard warranty that if the product was defective within the stated period, the product would be rectified or replaced free of charge. For AY 1991-92, the assessee made a provision for warranty at Rs.10,18,800 at the rat...

Read More

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

Rotork Controls vs. CIT (Supreme Court) - The assessee sold valve actuators. At the time of sale, the assessee provided standard warranty that if the product was defective within the stated period, the product would be rectified or replaced free of charge. For AY 1991-92, the assessee made a provision for warranty at Rs.10,18,800 at the rat...

Read More

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

Trade Circular No. 25 T of 2008 - (23/07/2008) - As expressly mentioned in Section 22, the primary object of business audit is to promote compliance with law. Business audit is a device with the Department to ascertain and ensure compliance of laws that are implemented by the Department. At a practical level, the object of audit is to ascertain th...

Read More

Recent Posts in "turnover"

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

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. […]...

Read More
Posted Under: Company Law |

Annual Compliances for Private Company based on Turnover

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 fo...

Read More
Posted Under: Company Law |

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

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...

Read More
Posted Under: Company Law |

How costly can the delay in filing tax returns be?

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 Questi...

Read More

House Rent Allowance (HRA) Taxability & calculation

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....

Read More
Posted Under: Company Law |

FAQs on MVAT Audit Report in Form 704

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....

Read More
Posted Under: Company Law |

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

Commissioner of Income Tax-VII Vs Punjab Stainless Steel Industries (Supreme Court of India)

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...

Read More

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

SICAL Logistics Ltd. Vs. Additional CIT (ITAT Chennai)

I have duly considered the rival contentions and the material en record. The perception of the CIT that the profit is low prompted him to issue show cause notice to the assessee. Profit before taxation of the company as a whole for the year under consideration...

Read More

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

ITO Vs Bijay Paper Traders & Investments Ltd. (ITAT Delhi)

. 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,...

Read More

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

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....

Read More
Posted Under: Company Law |

Browse All Categories

CA, CS, CMA (5,500)
Company Law (7,410)
Custom Duty (8,511)
DGFT (4,546)
Excise Duty (4,493)
Fema / RBI (4,707)
Finance (4,997)
Income Tax (37,419)
SEBI (3,995)
Service Tax (3,720)

Search Posts by Date

June 2021
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
282930