Condition for allowance under section 37 – Such expenditure should not be covered under the specific section i.e. sections 30 to 36. Expenditure should not be of capital nature. The expenditure should be incurred during the previous year. The expenditure should not be of personal nature. The expenditure should have been incurred wholly or exclusively for the purpose of the business or profession. The business should be commenced.
Survey in a wider sense means to scrutinize or to inspect. The power of survey under the Income tax Act has been provided U/S 133A and 133B. The provisions contained in section 133A are independent and to the exclusion of the other provisions of the act since the wording of the section starts with ‘Notwithstanding anything contained in any other provisions of the act .
Under Section 194B of the Income Tax Act, 30 per cent tax is deducted on any prize money in excess of Rs 10,000 and other winnings from games, lotteries etc. This is deducted at source (TDS). A Three per cent education cess is payable on the tax amount.
Introduction Which is the best insurance policy in order to take maximum benefits before you turn 30 years Which Life Insurance Policy Should You Take When You Turn 30: When you are in your 30s, it can be a great time to buy life insurance. You’re at an age where, if you’re in good health, […]
1. GST Council vide Point 1(b) of press release dated 14 March 2020 has Indicated that where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020 (extension of the period of application as a one-time measure to facilitate those who want to conduct business). 2. […]
Inventory is one of the important area for any business where chances of fraud are more as it’s a department where thefts and damages occur. Having strong controls, proper processes, checklist and regular stock audit is essential for this function. In this article we would learn the basic check points which needs to be checked […]
Article made an attempt to Clarity – GST Impact On Employees/ Recoveries From Employees With Advance Rulings. Employee related transactions are bifurcated in two parts – (i) Services provided by employer to employee and (ii) Services provided by employee to employer. Sr. No. Particulars Legal Provisions and Taxability 1. SERVICES PROVIDED BY EMPLOYER TO EMPLOYEE […]
In this Article, the Authors briefly deliberated on the issues arising out of FAQs answered by the Board and also fresh questions that need to be answered soon for the tax payers and the administrators to be clear in their approach. The Act is referred to as VsV Act or the Act and the Designated […]
The Honble Minister of Commerce and Industry Mr. Piyush Goyal in his Lok Sabha Speech on Tuesday has given a written reply on the Export performance by India. In his statement he has mentioned that India’s merchandise exports has increased from 303.53 US $ billion in 2017-18 to 330.07 US $ billion in 2018-19, registering […]
Government’s initiative to start contactless assessment of income tax with the help of electronic assessment is laudable but it still needs proper training of the manpower and to establish a well-defined and well-designed system with adequate timelines for flawless assessments in the best interests of the state and the assessees in order to avoid wastage of time and resources which otherwise get lost in the follow up of litigations.
