Category: Others
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Co-operation or Taxation?
It’s a common question among commerce students whether to choose cooperation or taxation. Co-operation enables the students to manage the challenges, auditing, co-operative finance etc…
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What is ACES?
Automation of Central Excise and Service Tax (ACES) is the e-governance initiative by Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance. It is one of the Mission Mode Projects (MMP) of the Govt. of India under National e-Governance Plan (NeGP).
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Conditions to get waiver of interest
Three conditions specified in Section 220 (2A) of the Income Tax Act should be cumulatively satisfied by an assessee to claim waiver of interest levied under Section 220 (2) of the Act.
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Dr Raghuram Rajan-23rd RBI Governor
Dr. Raghuram Rajan assumed charge as the 23rd Governor of the Reserve Bank of India on September 4, 2013. Prior to this, he was the Chief Economic Advisor, Ministry of Finance, Government of India and the Eric J. Gleacher Distinguished Service Professor of Finance at the University of Chicago’s Booth School. Between 2003 and 2006,…
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What is the Limit For Audit of Books Of Account
Every person,carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in any previous year ; or carrying on profession shall, if his gross receipts in profession exceed twenty-five lakh rupees….
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Who are all required to audit accounts of business or profession
Every person,carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in any previous year ; or carrying on profession shall, if his gross receipts in profession exceed twenty-five lakh rupees….
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Deductions not allowed according to finance act 2013
Finance Act 2013 enlargened section 40 to exclude certain expences/payments under income from business/preofession-it includes privilege fees,service charge, service tax,etc…
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What are the Amounts Deductible under Profits and Gains of Business or Profession
What are the amounts deductible under the head “Profits and gains of business or profession Bried description of section 40 Notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head “Profits and gains of business or profession”,— (a) in the…
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Non Applicability of section 11
Section 11 describes Income from property held for charitable or religious purposes. In certain situations income from property are held taxable…