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Implication Budget 2010 on Business Income
Tax Rates Tax rate for firms, LLP and companies remain the same as per last year's budget. • However surcharge in the case of domestic company gets reduced from existing 10% to 7.50% for the Financial Year 2010-2011. &bu
KVAT Amendments
Major Changes in Karnataka Value Added Tax Act, 2003 effective from April 1, 2010: · VAT exemption on paddy, rice, wheat, pulses and products of rice and wheat extended for one more year from 1.4.2010. · Tax on M
Depreciation - an interesting aspect
Depreciation – a non cash expenditure allowed under Income Tax Act, 1961 following block concept. Under the block concept, all the assets falling within the same class and subject to same rate of depreciation are clubbed together and considere
75 draft issues,discloser and notes to MVAT Audit Report
Let’s go through the requirement of New Form 704 for important disclosures and notes, which may be helpful to mvat auditor to explain his views. Further the mvat auditor shall be a careful draftsmen of audit report. The Mvat audit report will
Deemed Dividend - detailed analysis
Deemed Dividend Deeming fiction - a fiction resorted to by parliament for defying the law of literal interpretation. Whether it be Central Excise Act, 1944 [concept of deemed manufacture u/s 2(f)(iii)] or Income Tax Act, 1961 [concept of deemed divid
Budget sets new benchmarks for growth, equity and reforms
Budget sets new benchmarks for growth, equity and reforms -- S. Sethuraman The Union Budget for 2010-11 marks
Budget 2010: Service Tax on Renting of Immovable Property
BUDGET 2010: RENTING OF IMMOVABLE PROPERTYThe Budget 2010 has made the following important amendments relating to Renting of Immovable Property Service 'Renting' activity itself regarded as taxable service (Retrospectively amended from 1 June, 200
Micro finance Institutions-A discussion
Accounting and Taxation issues of Micro Finance Institutions WHAT IS MICRO FINANCE? The term Micro Finance is of comparatively recent origin. The concept was popularized by the Nobel Prize winner Mr. Mohammed Yunus of Bangladesh. It basically mean
PRACTICAL ASPECTS OF REGULAR ASSESSMENT PROCEEDINGS
PRACTICAL ASPECTS OF REGULAR ASSESSMENT PROCEEDINGS OF A BUSINESS ORGANISATION UNDER INCOME-TAX ACT (A Work Shop and Project for Students – For Details See Part IV ) ** Specially written for caclubindia
TDS Provisions on Pension Payments
TDS Provisions on Pension Payments CA Pranjal Joshi Introduction – TDS is the best medium of collecting tax from the citizens without much of hassles, as the responsibility to deduct tax is not on the government, but on citizen-payer
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