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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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Audit of Accounts of Business or Profession-44AB
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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Amounts Not Deductible-40
Amounts not deductible (40) 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 case of any assessee— [(i) any interest (not being interest on a loan…
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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…
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What Constitutes Vocation?
VOCATION The word “vocation” comes from the Latin vocare, meaning “to call.”A vocation is an occupation, either professional or voluntary, that is carried out more for its unselfish benefit than for income, which might be regarded as a secondary aspect of the vocation, however beneficial. Vocations can be seen as fulfilling a psychological or spiritual…
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PERSON WHO HAS A SUBSTANTIAL INTEREST IN THE COMPANY-2(32)
PERSON WHO HAS A SUBSTANTIAL INTEREST IN THE COMPANY 2(32) Definition “person who has a substantial interest in the company”, in relation to a company, means a person who is the beneficial owner of shares, not being shares entitled to a fixed rate of dividend whether with or without a right to participate in profits,…
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PERSON-2(31)
PERSON 2(31) Definition “person” includes— (i) an individual, (ii) a Hindu undivided family, (iii) a company, (iv) a firm, (v) an association of persons or a body of individuals, whether incorporated or not, (vi) a local authority, and (vii) every artificial juridical person, not falling within any of the preceding sub-clauses. [Explanation.—For the purposes of…
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FRINGE BENEFITS-2(23B)
Fringe Benefits are given in addition to salary/wage.it includes free or concessional ticket ,any contribution by the employer,provision of hospitality,any expenditure on or payment through paid vouchers which are not transferable,etc…