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Process for Trust Registration in India
Process
for Trust Registration in IndiaIn India, charitable entities can be mostly registered under
the following legislations:· Societies
Registration Act, 1860.�...
Case laws in favour of Revenue where Prior period expenses – Held to be not allowable
Case laws in favour of Revenue where Prior period expenses – Held to be not allowablePrior period expenses charged to profit and loss account cannot be deducted from profit of year for purpose of computing book profit ...
TDS from payments to contractors & Sub-Contractors [Section 194C]
TDS from payments to contractors & Sub-Contractors [Section 194C]Section 194C was introduced long back in 1972 by the Finance Act, 1972 with effect from 01.04.1972 and subsequently amended from time to time.Under sec...
Retirement of a partner [Section 32 of the Indian Partnership Act, 1932 & Section 45(4) of the Income Tax Act, 1961]
Retirement of a partner [Section 32 of the Indian Partnership Act, 1932 & Section 45(4) of the Income Tax Act, 1961]Generally, when a Partner retires, he is able to withdraw his capital balances existing in the Firm ...
Allowability of deprecation on goodwill as per provisions of the Income-tax Act, 1961
Allowability of deprecation on goodwill as per provisions of the Income-tax Act, 1961The word goodwill is not a term of law and it has nowhere been defined in the provisions of the direct taxes acts. The Courts have trie...
Decoding of provisions of Section 194H regarding TDS on Commission or Brokerage
Decoding of provisions of Section 194H regarding TDS on Commission or BrokerageSection 194H was reintroduced in the Act with effect from 01.06.2001 by replacing the earlier section 194H. This section deals with the payme...
Formation, Management and Taxation of Partnership Firm
Formation, Management and Taxation of Partnership FirmA Partnership is a common vehicle in India for carrying on business activities on a small or medium scale. Partnership is the relationship between persons who have ag...
Cases where revision order under Section 263 of the Income Tax Act, 1961 was upheld
Cases where revision order under Section 263 of the Income Tax Act, 1961 was upheldIn the following instances, the revision under Section 263 was held to be valid :Commissioner can assume jurisdiction under section 263 d...
TDS from payments to contractors & Sub-Contractors [Section 194C]
TDS from payments to contractors & Sub-Contractors [Section 194C]Section 194C was introduced long back in 1972 by the Finance Act, 1972 with effect from 01.04.1972 and subsequently amended from time to time.Under sec...
Allowability of Expenditure incurred wholly and exclusively in connection with transfer of capital asset [Section 48(i)]
Allowability of Expenditure incurred wholly and exclusively in connection with transfer of capital asset [Section 48(i)]Expenditure incurred wholly and exclusively in connection with the transfer of a capital asset is de...