Don't Worry , Be Happy !
RBI is regulator for NBFC and in order to to ensure that NBFCs create a financial buffer to protect them from the effect of economic downturns, it has issued circular RBI/2010-11/370 DNBS.PD.CC.No.207/ 03.02.002/2010-11 dt January 17, 2011 that requires NBFC to create provision of 0.25% for standard assets . A reader Sri Gaurav Chowdhury has...
After Amir Khan on Satyamevjayte , it is turn of taxmen to tarin its gun on doctors. CBDT has issued a circular dated 1st August directing its assessing officer that Medical Council of India (the ‘Council’) which is a regulatory body constituted under the Medical Council Act, 1956. has prohibited the medical practitioner and their...
The derivative segments trades (Futures & Options ) in India are done in shares and commodities. While the trade in F & O segments of shares through NSE or BSE is considered business trade now . A confusion arises in mind of tax payers who indulge in F & O trades in commodities segment. For...
The allowability of foreign tax payment as business expense has become controversial with the recebt judgment by ITAT , Ahmedabad in Masket Ltd vs DCIT (ITA No 1821/Ahd/2005, AY 2002-03) in which the Tribunal held that foreign tax paid by the assessee is covered u/s 40( a) (ii ) and accordingly disallowable as business expense...
Depreciation is allowed u/s 32 of the Income Tax Act . The depreciation u/s 32 for vehicle are provided differently based on the condition whether such vehicle is commercial vehicle or not. A higher depreciation of 40 % is allowed to to a commercial vehicle .Proviso to section 32 of the Act would show that ...
Deduction u/s 80E of the Income Tax Act is allowed to individuals who takes education loans for … [Read More...]
Deduction u/s 80D of the Income Tax Act provides relief to tax payer by allowing a deduction in … [Read More...]
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