Jun 142021

Who is minor? Section 3 of the majority act provides that – “ Every person domiciled in India shall attain the age of majority on his completing the age of eighteen years and not before.” In computing the age of [Read More]

Jun 122021

Between corporate form of business and other: The advantage of the corporate form of business over traditional business is that it discriminates the executive wing from the investor of the fund. The corporate form of business is more flexible, transparent, [Read More]

Jun 102021

Corporatization of business: The conversion of a traditional form of business into neo corporate form is commonly known as corporatization. The concept of the corporate form of business can be explained as below: Point Traditional business Cooperate form of business [Read More]

Jun 082021

Facts of the case: Measurement Consideration Total area purchase in FY 2003-2004 36 Acres or 1559123 Sq Ft Rs. 14,19,99,602/- Transfer to Bangalore Development Authority in FY 2005-2006 326635.30 Sq Ft Area retain by the assessee 1232771 Sq Ft The [Read More]

Jun 042021
Due dates for the Month of June 2021.

Due dates for the Month of June 2021 7th INCOME TAX – TDS Payment for May. 10th GST – Return of authorities deducting tax at source – GSTR 7 for May. – Details of supplies effected through e-commerce operator and [Read More]

Jun 032021

Meaning of non-for-profit entities: Not-for-Profit entities and small educational, medical institutions or hospitals, etc. existing solely for educational and/or philanthropic intentions enjoy tax exemption subject to meeting certain conditions These organizations are highly dependent on donations, as it is the [Read More]

Jun 012021

Facts: Return filed on income         31.10.2010   Rs. 6,24,900/- Gross receipts More than Rs. 100,00,000/- Expenses claimed Freight   Rs. 6.46,472/- Salaries and wages Rs. 68,34,073/- Traveling expenses Rs. 5,05,981/- Other expenses Rs. 7,82,700/-   Whether profits [Read More]

May 292021

Difference between Fresh Claim and Revision in the claim: Fresh claim Revision of claim Fresh claims were never claimed in the return of income. In many situations, it has been noticed that the taxpayers sometimes fail to claim or short claim certain deductions/exemptions [Read More]

May 272021

Type of computer software: Shrink-wrap software is the readily available software that is sold “Off-the-shelf”. Here, the software is packaged with the license agreement. The license gives the endorser the limited right to use the software for the perpetual period. The [Read More]

May 242021

Up-to assessment year 2020-21: There was no upper cap on the employer’s contribution to the various employee welfare schemes. Separate provisions were available in the Income-tax Act to tax such contribution, i.e., Superannuation fund was taxable as perquisite under Section 17(2)(vii)in [Read More]