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section 40b of income tax act


Framework for computation of book profit for the purposes of levy of MAT

Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income tax Act 1961 for Indian Accounting Standards Ind AS compliant companies A Committee had been constituted with the approval of the Finance Minister to suggest the framework for computation of bo

ICSI president on passing of the bill paving way for GST

Dear Professional Colleagues Greetings from ICSI With the passage of Constitution Amendment 122nd Bill in Rajya Sabha on August 03 2016 ICSI welcomes one of the most significant tax reforms in the history of India The changes made in the Bill at Rajya Sabha will have to be subsequently ratified by L

Next steps required on GST

Revenue Secretary s presentation on next steps required on Goods Services Tax PFA the enclosed file for more details

Frequently asked questions on GST

Following are the answers to the various frequently asked questions relating to GST Question 1 What is GST How does it work Answer GST is one indirect tax for the whole nation which will make India one unified common market GST is a single tax on the supply of goods and services right from the manuf

Tax exemption to industry and commerce sectors

Direct Tax Various tax concessions in the form of exemptions deductions etc have been provided under the Income tax Act 1961 which have been availed by different sectors of Commerce and Industry also Cumulative figures of revenue impact of direct tax incentives for the last five years are as follows

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Experts Opinions

companies act 2013

As per section 139 10 where at AGM no auditor is appointed or reappointed the existing auditor shall continue as auditor My doubt is if the company is listed one and 139 2 rotation of auditor applies and auditor individual has completed 1 term of 5 consecutive year and hence cooling period is 5 year

Salary income

An Individual male working in a pvt bank as a deputy manager have following salary detail for fy 2015 16 pls suggest way to minimise tax Gross Salary Breakup Basic 169980 00 conveyance Allowance 19200 00 HRA 36000 00 Medical Reimbursment 15000 00 Telephone Rembursment 4800 00 Other Allowances 75660

income from pujapath

plz tell me that income from puja path is taxable under which head and why

What will be my income tax

I am a salaried person in government service I got salary around 40000 per month and i file income tax return every year and pay income tax also from last 13 years and i withdraw my salary every month for helping my relatives and friends and some money for me also I am also doing some FD and RD in m

ca final direct tax book

I am having my attempt in may 2017 I want to select the best reference book for DT KINDLY help me out friends Thanks in advance


What will be the income tax on rental income of partnership firm

Income tax on rental income of the partnership firm

How to compute double taxation in itr2

Hi I earned around 4 5L in India after deducting HRA PPF etc and earned 5 2L INR in UK during this financial year I paid around 48000 INR as taxes in UK which I want to claim as double taxation here in India TDS deducted in India is around 22000 and tax paid as self assesment by me is 39000 As per t

Deductions from gross total income(80C to 80U)

Can somebody provide me the list of important deductions under chapter VI A applicable for nov 16 ca final exams Thanx in advance

Activation of user id

one of my friends pan has been registered at income tax efiling portal by some persone but he had not activated the user id after registration by clicking the activation link sent by the departement now how do i activate his account scine we dont know the password also i had sent mail at validate bu

Tax books

Which are the best reference books that a newly qualified ca should read

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Income Tax Return ('ITR') - A must for CA

Greetings of the day to all the members of CCI family After a gap of 2 years I am writing this article keeping in mind my relationship with the CACLUBINDIA family I have seen many Chartered Accountants CAs as well as aspirants who though have completed their article ship but still find it difficult

How to report Incomes from India while filing the tax return in USA?

It is often that people take the plea that the law is not known to them and any breach of law therefore is purely due to ignorance However the Latin term ignorantialegisneminemexcusat very aptly and succinctly states the truth ignorance of the law excuses no one Tax violations in countries like USA

How to choose attractive name for startup?

Weekend arrival is just the best thing chilling out with friends enjoying to the fullest but for few this is still a luxury who have to work even on the weekend Building a startup is a great responsibility from finding the best name for it to building a market for it capturing the customers everythi

An eye view on goods and service tax

1 Model of GST law has been formulated by Empowered Committee of State Finance Ministers on 14 June 2016 as Goods and Services Tax Act 2016 GST will be a cocktail of State VAT Central Excise and Service Tax The Entry Tax The Entertainment Tax and Luxury Tax are likely to be repealed Constitutional A

Extract of postmortem of Section 44AD?

Dear All Section 44AD talks about presumptive taxation scheme under which an eligible assessee engaged in an eligible business can declare his profits gains minimum of 8 of turnover or gross receipts If he opts for the same then he need not to maintain books of accounts not liable for advance tax pa

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Updated on : 8/8/2016 6:30:13 AM


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