Description: Voting via internet is one form of electronic voting. E-voting refers to both electronic means of casting a vote and the electronic means of tabulating votes.E-voting refers to any process where an electronic means is used for casting votes which results in counting of the same as well. E-voting system is already in use […]
Read MoreDescription: The Institute of Chartered Accountants of India (ICAI) has accused multinational audit firms operating in India of violating the Chartered Accountants Act., and has asked the Reserve Bank and the Ministry of Corporate Affairs to investigate their accounts. Source: 1. www.tpcc.in 2. The Tax Referencer .Volume121. Issue No.6, 10.Oct, 2011, Page No.118 Our Comment: […]
Read MoreDescription: Penalty Under Section 271D––Issues Regarding–Kedar Nath Bohra Section 269SS. In Bhikhabhai Dhanjibhai patel v. Asstt.CIT (2010) 32 (II) ITCL 58 (Ahd ‘A’ – Trib) : (2010) 127 TTJ (Ahd ‘A’-Trib) 479, ‘P’ paid Rs. 8 lakhs. The revenue authorities levied penalty under sections 271D and 271E. It was held that on facts, the amount […]
Read MoreDescription: Assets Acquired on Hire Purchase Basis –– Whether Depreciation Allowable–– P.Varadraj. Majority of judgments are in favour of the view that the depreciation is allowable in respect of assets acquired on hire purchase basis. The Apex Court in Mysore Minerals Ltd. v. CIT (1999) 239 ITR 775 (SC) In the case of hire purchase […]
Read MoreDescription: Whether contracts of firm executed by partners to be taken as sub-contracts for attracting application of section 194C? The provisions of section 194C will not apply for the payments received and passed on to the partners. Hence, provisions of section 40(a)(ia) will not apply. The commission earned by the firm forms part of its […]
Read MoreDescription: Any business except the business of plying, hiring or leasing of goods carriages referred to in section 44AE; and. Whose total turnover or gross receipts in the previous year does not exceed an amount of sixty lakh rupees. There fore, all the above businesses will be covered by section 44AD. Source: 1. www.tpcc.in 2. […]
Read MoreDescription: The ICAI in its publication “Issues on Tax Audit” has clarified that the activity of insurance agent falls in the category of business. Source: 1. www.tpcc.in 2. The Tax Referencer .Volume121. Issue No.6, 10.Oct, 2011, Page No.25. Our Comment: Insurance Agent is taxable as “Business”.
Read MoreINVESTMENTS – PRECAUTIONS N.a.v. : highest net asset value, earning per share, return on capital, lowest price earning ratio. Safety : safety of the investment, assurance of repayment on scheduled time period. Earning : highest earning on investment without damage to safety of funds invested. Attraction : more attraction of funds for activites tax incentives, […]
Read MoreInternational requirements: Global currency or exchange unit – need not be factual currency. Uniform pricing policy for opportunity, efficiency, contributions, accounting Mistakes: Innocence Ignorance Illegal Immoral Intentional. Approvals: Only after due verification and Time limit for taking action.
Read MoreHealth and wealth are the universal issues without barriers of religion, territory, colour, creed etc., Required:- “Political independence, Economic development, Social responsibility, Equality in opportunities, Humanity touch, Echo balance” Standardisation for regular usage of consumption, Specialisation for capital goods, luxury goods. High productivity of all contributories. Standard norms for profit – difference betweeen cost price […]
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