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Tax Audit Requirements — When Business and Professional Accounts Must Be Audited
Tax Audit Requirements — When Business and Professional Accounts Must Be
Audited
Where a
business's turnover, or a profession's gross receipts, exceeds the prescribed
threshold in a tax year, the accounts mus...
Depreciation Allowance Under Section 33 — Block of Assets, Ownership Test, Rates and Additional Depreciation
:
Depreciation Allowance Under Section 33 — Block of Assets, Ownership Test,
Rates and Additional Depreciation
Depreciation
on tangible and intangible assets used for business or profession is governed
by Se...
Maintenance of Books of Account — Who Must Maintain Records and What They Must Contain
Maintenance of Books of Account — Who Must Maintain Records and What They
Must Contain
Persons
carrying on specified professions — including legal practice, medicine,
engineering, architecture, accountancy,...
General Principles of Computing Business Income — What Is Deductible Even Without an Express Provision
General
Principles of Computing Business Income — What Is Deductible Even Without an
Express Provision
Business
income is not computed by mechanically applying only the specific deduction
clauses the Act enu...
Statutory Dues Deductible Only on Actual Payment — The Payment-Basis Rule
Statutory Dues Deductible Only on Actual Payment — The Payment-Basis Rule
Certain
categories of business expenditure — statutory taxes, duties, cess or fees,
employer contributions to specified employee welf...
Method of Accounting for Business Income — Cash vs Mercantile System and Income Computation and Disclosure Standards (ICDS)
Method
of Accounting for Business Income — Cash vs Mercantile System and Income
Computation and Disclosure Standards (ICDS)
Business
income must be computed in accordance with the method of accounting regular...
Deemed Business Income — Remission or Cessation of Trading Liability and Recovery of Bad Debts
Deemed Business Income — Remission or Cessation of Trading Liability and
Recovery of Bad Debts
Where a
trading liability was earlier allowed as a deduction in computing business
income, and that liability is ...
Disallowance of Excessive or Unreasonable Payments Made to Specified Persons
Disallowance of Excessive or Unreasonable Payments Made to Specified
Persons
Where a
business incurs expenditure by way of payment to certain specified categories
of related persons — relatives of the assesse...
Income From Business and Profession — Scope, Charging Section and the Meaning of "Business" and "Profession"
:
Income From Business and Profession — Scope, Charging Section and the Meaning
of "Business" and "Profession"
Income earned
from carrying on any trade, commerce, manufacture, vocation or profession is
charg...
Technical Grounds for a Favourable Income Tax Appeal, Assessing Officer Defaults and Procedural Lapses
Technical Grounds for a Favourable Income Tax AppealAssessing Officer Defaults and
Procedural LapsesA Practitioner's Reference — 28 Grounds
With Supporting Case Law and Drafting TipsCovers the Income-tax Act, 20...