Company Law : Annual Compliances for Private Company based on Paid-Up Share Capital under Companies Act, 2013. Article Annual Compliances for Pr...
Company Law : Annual Compliances for Private Company on the basis of Turnover under Companies Act ,2013. Article explains Annual Compliances for...
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...
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...
Income Tax : Calculate your House Rent Allowance (HRA) exemption know HRA exemption Calculation Formula and download HRA Calculator in excel fo...
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...
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...
Income Tax : Mumbai: Officials from the income-tax (I-T ) department on Wednesday and Thursday carried out searches at various offices of Bomba...
Finance : The UPA is back at a time faced with economic slowdown and hence, an immediate agenda of economic revival. The Small & Medium ...
Finance : The decision to make half-yearly internal audits obligatory for stock broking houses spells doom for smaller firms that are alread...
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...
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...
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...
Income Tax : The assessee sold valve actuators. At the time of sale, the assessee provided standard warranty that if the product was defective ...
Income Tax : The assessee sold valve actuators. At the time of sale, the assessee provided standard warranty that if the product was defective ...
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 ...
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 Industry here recently.
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
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.
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 […]
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 rate of 1.5% of the turnover. As the actual expenditure was only Rs. 5,18,554,
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 rate of 1.5% of the turnover. As the actual expenditure was only Rs. 5,18,554, the excess provision of Rs.5,00,246
ACIT vs. Prakash I. Shah (i) The exchange rate gain difference pertaining to exports is an integral part of the exports and export turnover and cannot be treated as income from other sources. (ii) However, where such gain relates to exports made in an earlier year, the deduction u/s 80HHC is allowable only in the year in which the exports are made and not in the year of realisation of the gain.
Mysodet (P) Ltd vs. CIT (Supreme Court) -Where in respect of the asst. year 1990-91, the assessee claimed deduction under section 80-HHC on traded goods on the proportion that the export turnover bore to the total turnover even though there were no profits from the export activity and the High Court held, relying on IPCA Laboratories vs. CIT 266 ITR 521 (SC), that in the absence of export profits deduction u/s 80-HHC was not available,
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 in their earnings kitty.
Your company could face a tax scrutiny if it had introduced fresh capital exceeding Rs 50 lakh last fiscal, or, as in the tax lingo, during the previous year relevant to the assessment year 2008-09. This is according to the new scrutiny norms by Central Board of Direct Taxes (CBDT).
