There are umpteen number of cases where the liability in the books of accounts are carried for years. Under the present income tax Act , there is provision under section 41 of Income Tax Act under which remission of liability is deemed to be business income of the assessee. However, the test & condition laid...
8 businesses which exempt you from maintaining and audit of accounts !
October 3, 2010 by
The scheme of presumptive taxation is also continuing under Direct Tax Code 2010. Schedule 14 of the Direct Tax code contains eight business for which you can just pay tax at specified rates . The benefit attached to such presumptive tax scheme is that there is no obligation to either maintain books of accounts or getting your accounts audited . Here is the scheme:
Explanation to Section 73 is no more from 01/04/2012!
October 3, 2010 by
Direct Tax Code 2010 has good news for companies Section 73 of the I T Act is about setting of losses of speculative business. Explanation to section 73 was inserted vide Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1977?. The said insertion was on account of Wanchoo Committee Report. Explanation.—Where any part of the business of...
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