Aggregator service - A student's guide
We all are familiar with e-commerce companies like Flipkart and Amazon which act as a platform for customers like us to purchase the goods we want from a variety of brands available. We also are keen to book tickets on makemytrip the moment we finalize a..
Stock markets have always been a fascinating realm for finance professionals. How stock prices move, how trading happens and how investors' fortunes change have made them a really interesting phenomenon.
Technical analysis and fundamental analysis are the two main schools of thought in the financ..
I recently came across a news regarding a "Block deal" placed on a particular stock in the stock market involving huge volume of shares and whopping amount of money !! I dug deeper to find more details on block deals and came across another deal - "The Bulk deal". I thought I wou..
A new section has been introduced in the Income Tax Act - Section 44ADA, w.e.f AY 17-18 with the aim of simplifying the tax compliance of professionals particularly small professionals so that it facilitates ease and efficiency in carrying out their professional obligations.
The section applies t..
What is Google Tax
The central government is set to impose an ‘Equalisation Levy’ of 6% on cross-border digital transactions whose value exceeds Rs 1 lakh. Popularly called the ‘Google tax’, this is an indirect tax on foreign companies like Google, Facebook and T..
SALARY AND TAXABILITY
What is previous year?
Previous year means financial year starting from 01 April and ending on 31st March. Eg. The current previous year is 2015-2016.
What is Assessment Year?
Every previous year shall have an assessment year. Assessment year for a previous y..
Section 143(11) of the Companies Act, 2013 states that the Central Government may order for the inclusion of a statement on specified matters in the Auditor’s Report for specified class or description of companies. Hence CARO 2015 has been issued by the Central Government as ‘additional ..
The Income Tax Act contains provisions regarding comprehensive scrutiny in Section 143. In simple terms scrutiny assessment is a detailed examination of the return of income filed by the assessee to check whether:
- Income has been understated
- Any excessive loss has be..
With roughly 4 months left for May 2016 exams, it is high time the students taking up the exams to start their preparations. Direct taxes are arguably the most voluminous of all papers. And In Direct Taxes, Profits and Gains from Business and Professions seem to be one of the most important areas.
This article has been updated with latest amendments till July 2018
The income tax Act prescribes a specific mode for calculation of income and taxability in the case of Association of Persons.
Let's first discuss what is an Association of Persons.
An association of persons means an associa..