income and expenditure account format

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GST to help in reducing prices of various items


FM Government to focus on two important areas including building infrastructure on war footing and substantial expenditure on development of rural India For FDI India is most preferred destination in the world today Major indirect tax reform in the history of the country since independence i e Goods

Payment of Wages by cheque or crediting to bank accounts


The present wage limit for applicability of the provisions of the Payment of Wages Act 1936 is Rs 18 000 per month The Act has been amended by Payment of Wages Amendment Act 2017 effective from 28 12 2016 to enable the employers to pay wages to their employees by a cash or b cheque or c crediting to

4.21 crore income tax returns Efiled this year


Number of e filed Income Tax Returns in Financial Year 2016 17 till 28 02 2017 was 4 21 Cr The total amount of refund issued in the current fiscal including refund arising out of rectification appeal effect etc is Rs 1 48 459 crore till 28 02 2017 The number of e filed Income Tax Returns in Financia

Invitation to contribute question bank for Information system audit


Announcement Invitation for contributions to Question Bank in respect of Information System Audit Assessment Test ISA AT New Syllabus Information Systems Audit is a post qualification course meant for the members of the Institute Members who are registered for the course are required to appear and p

Empanelment of Members to act as Observers in CA exams


EMPANELMENT OF MEMBERS TO ACT AS OBSERVERS AT THE EXAMINATION CENTRES FOR THE CHARTERED ACCOUNTANTS EXAMINATIONS MAY JUNE 2017 It is proposed to empanel members to act as Observers for the forthcoming MAY JUNE 2017 Chartered Accountants Examinations scheduled as under Intermediate IPC and Final exam

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Experts Opinions

Income tax filing


Sir i got intimation u s 143 1 to pay excess tax Also got notice u s 1431a for ay 2014 15 I ve wrongly file the return now cpc advised to file revised return by xml file While filing i dont know on which section i have to file whether revised or what i am unable to get the receipt no kindly suggest

Limited review report of quarterly accounts


The term of Statutory Auditor of a listed company has expired at the end of FY 2016 17 However since appointment is AGM to AGM the said Auditor continues till July 2017 upcoming AGM In that case which Auditor will certify the Limited Review Report for the quarter ended June 2017 Is it the same audit

Accounting & taxation of contractors who take govt contracts


Sir Madam I want to Know about the Accounting and Tax Compliance direct as well as indirect of Contractors or Engineers who take contracts from P w d or various works contracts department of State Central Govt or Local Authorities As the Govt delays payment of Bills T D S also delays in Form 26 AS s

Notice by income tax to nri


An NRI has received a notice from IT due to some Annual Information Return transactions made by him He does not have any Income chargeable to tax in India Is he required to file IT return because of this notice Or can an explanation be given

Income tax return


Pension income should be shown under which head of income And which ITR need to be filed for this

Discussion

Rule 11ua, income tax rules, 1962

For FMV determination as per rule 11UA do you need audited balance sheet as on date of balance sheet or one can use provisional certified balance sheet for that purpose Thanks in advance for the revert

Itr 4 or itr 4s applicability on income from coaching institute

Dear Sir I have a query regarding if a person is running a coaching institute and also having income from contract Which form should I have to use for return filing of FY 2015 16

Due date of income tax return for the f.y. 2015-16

I Confussion for the due date of F Y 2015 16 Income Tax Return so give me Proper Guidance

Agriculture income

is rent on agriculture land considered as agriculture income for ay 2017 18

Gratuity fund accounting

WE PAID GRATUITY FUND TO LIC SO HOW TO MAKE THE ACCOUNTING

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10 Common Mistakes People make when filing Income Tax Returns


The season of filing of tax return is here This year all those who have taxable income are required to file their return Also those with income above Rs five lakhs have to compulsorily e file their return It s very important to file error free Income Tax Return to avoid future problems Let s see the


Cash credits and its treatment under income tax act, 1961


CASH CREDITS UNDER INCOME TAX ACT 1961 Section 68 of the Income Tax Act 1961 provides that there has to be credit of amounts in the books maintained by the assessee that such credit has to be of a sum during the previous year and that the assessee offers no explanation about the nature and source of


Whether Income Tax Act is discriminatory to the salaried class?


There are various types of individual assessee i e 1 Salaried 2 Professionals specified 3 Professional others 4 Proprietors who owns business of trading or manufacturing 5 Proprietors in some specified businesses 6 Others The tax slabs rate of tax and deductions are almost same for each one class of


An Overview of Guidance note on Accounting for derivative Contracts


An Overview of Guidance Note on Accounting for Derivative Contracts Applicable from April 1 2016 Accounting treatment for derivative contracts was earlier covered by AS 30 31 32 which was withdrawn in March 2011 owing to revision in IAS 39 Financial Instruments Recognition and measurement issued by


Indian Accounting Standards: Employee benefits perspective


PART 1 BACKGROUND 1 1 Why new accounting standards are being introduced Need for a consistent accounting framework Accounting bodies around the world are working towards having a consistent framework for financial reporting This purpose of developing such a framework is to enable users of this infor


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Updated on : 3/24/2017 6:01:23 PM


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