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SECTION 43(6) V. SECTION 45(1A)
CA Pavan Jain S, ACA., grad CS.Taxability of a receipt is governed by section 2(24) of the Income Tax Act (hereinafter referred to as “Act”) which define the term “Income”. In ordinary parlance, the term income connotes a rec
Opportunities unfolding for Chartered Accountants in GST
The Government is committed to pass the GST bill in the winter session of parliament this year (2105). However considering the many stages post the passing of the bill of: recommendation of GST council, passing of model law in States, IT infrastructu
P.K.'s view on Indian Tax system. Enjoy it!
KARNITI PART 69 P.K.s view on Indian Tax system. Enjoy it! Arjuna (Fictional Character): Krishna, Aamir Khans recently released movie, P.K., is in Limelight. Tell me, if this cha
Surprise Checks under Audit
The main focus of Surprise Checks under Audit is on internal control; they check whether the system of internal control is operating effectively or not.
5 Things to do for becoming GST Ready
As GST implementation date approaches it is time that businesses get ready for it. There are few important things that businesses need to take care of before th...
Service Tax on Voluntary Organizations (NGO)
After introduction of Negative List based taxation under service tax from 1.7.2012, the applicability of service tax to voluntary / non-profit organizations (NGOs) has become a contentious issue. This is because of introduction of all encompassing de
Mutual Funds - Basics you need to know
What are Mutual Funds? Mutual funds are nothing but units of investment, like of shares or debentures, issued by a Mutual fund company. They are professionally managed collective investment vehicle which pools investments to purchase securities. An
How do you plan your career as a budding CA?
After 4 decades of working, I believe that I have some useful thoughts to share with young Accountants to help in their career advancement. Hence this article.Knowledge WorkersWe are all knowledge workers. When I conduct interviews for fresh Chartere
Preparing for an Industrial Trainee Interview
As an interviewer I meet a lot of candidates who are interested in pursuing Industrial Training. However several candidates dont prepare well for the interview, resulting in losing great opportunities to join good organisations and getting exp
Taxation of stock market profit and loss
Many Trader of stock market, trading in NSE/BSE are facing difficulties in getting actual treatment of taxation of stock market gain or loss. I am just sharing my knowledge here with the hope it will be helpful to understand the tax issue in stock ma
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