Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages
This section applies specifically on assessees carrying on business of plying, hiring or leasing good carriages.
This section states that if an assessee is carrying on the above mentioned..
As Section 44AD is applicable on business (click here to read in detail), Section 44ADA applies on professionals.
It says that if an eligible assessee (professional) who declares 50% or more than that of his gross receipts as profit, then he is not required to get his accounts audited under the I..
Section 44AB vs 44AD
When we talk about Presumptive Taxation, then it automatically relates to Tax Audit under Income Tax Act, 1961.
At student level, I have seen students getting confused in Sections 44AB & 44AD because 44AB says ab..
The hot topic of these days is PNB scam. Everyone is sharing on social platforms that PNB is involved in the fraud of Rs. 11,500 crores approx. but everyone is not aware about the way it has happened.
So, let us discuss about the one of the biggest scams of the country, The PNB Fraud.
A lot of people already predicted that this article is related to their own lives because they can easily relate themselves with the word in heading above "Struggles."
Actually, the reason behind writing this article is just to pen down my own view on this word because I am suffering wi..
What is it?? Does it really affects our lives?? Is there any need to understand it??
The answer is Yes....and the reason will be known to you as you will go through this article.
First of all, let me explain you the meaning of BELIEF SYSTEM: This is the system of our Thought Process running co..
These 3 words NEVER GIVE UP seems to be very common to us as since our childhood, we are listening to the same from our parents, teachers and friends but after a failure these three words becomes the sense of motivation in the lives of almost all of us.
Let me explain the same thing with th..
PREVENTION OF MONEY LAUNDERING ACT, 2002 Came into force with effect from 01st July, 2005.
The Act extend to whole of India except J&K.
Objective: To prevent money- laundering, seize the property with authority, involved in money laundering
Administration: Directorate o..
In India, Black money refers to funds earned on the black market, on which income and other taxes have not been paid. But Indian Govt. took a very great step against the black money and a step to assess this income whether the income is located in India or abroad and now let me come t..
Banking sector: The IT saga in Indian banking commenced from the mid-eighties of the twentieth century when the RESERVE BANK took itself the task of promoting automation in banking to improve customer service, book keeping, MIS and productivity.
This role played by the reserve bank had continued ..