Don't Worry , Be Happy !
Presumptive tax scheme under section 44AD makes life of persons who are carrying small business or trade having gross turnover of 60 lakhs as the option u/s 44AD provides you relief from maintenance of books of accounts and audit , if the income is declared at the rate of 8 % of gross receipt. One...
Shipping business of non-residents. 172. (1) The provisions of this section shall, notwithstanding anything contained in the other provisions of this Act, apply for the purpose of the levy and recovery of tax in the case of any ship, belonging to or chartered by a non-resident, which carries passengers, livestock, mail or goods shipped at a [...]
Venture Capital Fund or VCF is fund formed by various investors for certain basic purpose. VCFs are constituted as TRUST where the trust deed lays down exact contribution of each member in the corpus. The management of the fund is assigned to a separate entity called Asset Management Company. Who regulates Venture Capital Fund or Venture...
(42A) “short-term capital asset” means a capital asset held by an assessee for not more than thirty-six months immediately preceding the date of its transfer : Provided that in the case of a share held in a company 7[or any other security listed in a recognised stock exchange in India or a unit of the [...]
Tax deducted is income received. 198. All sums deducted in accordance with the foregoing provisions of this Chapter shall, for the purpose of computing the income of an assessee, be deemed to be income received : Provided that the sum being the tax paid, under sub-section (1A) of section 192 for the purpose of computing [...]
The tax deduction u/s 80DDB of the Income Tax Act provides relief to tax payers who are individual … [Read More...]
Deduction u/s 80E of the Income Tax Act is allowed to individuals who takes education loans for … [Read More...]
Monthly Subscription
Annual
Semi Annual Subscription
Quiz for CA/ICMA/CS Students