CAclubindia Articles

Is Depreciation allowed when vehicle is not registered in the name of leasing company?

FCS Deepak Pratap Singh 02 October 2021 at 18:31

As per the Motor Vehicles Act, the registration of a leased motor vehicle should be in the name of the lessee. However, as per the Income Tax Act, the asset must be owned by the person claiming depreciation.

The Magical Formula for Clearing CA Exams

Neethi V. Kannanth 01 October 2021 at 09:20

With the never ending pressure to clear the exams and the fear of failure, it's a vicious circle through which a student goes through. In such a scenario, it's this magical formula that will keep you going.

What is Income Escaping Assessment?

Varsha Nayyar 01 October 2021 at 09:19

In technical terms, the income which is not disclosed at the time of filing returns is referred to as the income escaping assessment. As such, a valid notice must be served before an assessment or reassessment.

Investing abroad through mutual funds

Ritik Chopra 30 September 2021 at 09:37

Many of you might not know that you can actually invest in abroad companies through mutual funds. Funds of Funds, Feeder Fund, and Actively Managed Funds are the different channels to invest.

Some Facts Related To Fugitive Economic Offenders Act, 2018

FCS Deepak Pratap Singh 30 September 2021 at 09:37

"Fugitive Economic Offender" means any individual against whom a warrant for arrest in relation to a Scheduled Offence has been issued by any court in India.

Transfer of Immovable Properties on Sale Consideration less than Stamp Duty Valuation

FCS Deepak Pratap Singh 30 September 2021 at 09:36

Where the consideration for transfer of the asset is less than the stamp duty value, the value so adopted shall be deemed to be the full value of the consideration, for computing income under PGBP.

Vlogging New Industries and Tax Applicability on Vlogging

Taxblock 30 September 2021 at 09:36

If you are pursuing YouTube as your full time profession, you will be taxed under Income from Business or Profession. If it’s a part time earning, the income will be taxable under Income from Other Sources.

Understanding Loans, Types of Loans For Individuals & Businesses and Tax Benefits around Them

Taxblock 30 September 2021 at 09:36

Business loan interest is eligible for exemption, however, the principal amount of the loan is not provided with any tax benefit. The interest is usually deducted from gross income.

Sukanya Samriddhi Yojana Scheme and its Tax Benefits

Taxblock 30 September 2021 at 09:36

Investments made under Sukanya Samriddhi Yojana Scheme are eligible for deduction under Section 80C. The interest accrued on the investment is also eligible for tax exemption.

What to Expect from a Limited Review?

CMA Mrudula M 29 September 2021 at 15:56

In a limited review, the interim financial information is analytically reviewed and inquiry procedures are conducted to identify whether the interim financial information is free from material misstatement.