Taxplore

Tag: Knowledge Centre

  • what is CPC?

    what is CPC?

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    Centralized Processing Cell (CPC) is a transformational initiative undertaken by the Income Tax Department (ITD) to enable easy filing of TDS / TCS correction statements by deductors / collectors, returns and related functionalities.CPC endeavours to improve overall service levels for deductors and tax payers.

  • What is ACES?

    What is ACES?

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    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).

  • Rebate of Income Tax u/s 87A

    Rebate of Income Tax u/s 87A

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     Rebate of income-tax in case of certain individuals (87A) With effect from the 1st day of April, 2014, An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this…

  • Conditions to get waiver of interest

    Conditions to get waiver of interest

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    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.

  • Who is a Representative Assessee

    Who is a Representative Assessee

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    in respect of the income of a non-resident specified in sub-section (1) of section 9, the agent of the non-resident, including a person who is treated as an agent under section 163,in respect of the income of a minor, lunatic or idiot, the guardian or manager who is entitled to receive or is in receipt…

  • What is the Limit For Audit of Books Of Account

    What is the Limit For Audit of Books Of Account

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    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….

  • Who are all required to audit accounts of business or profession

    Who are all required to audit accounts of business or profession

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    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….

  • Audit of Accounts of Business or Profession-44AB

    Audit of Accounts of Business or Profession-44AB

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    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….

  • What are the Amounts Deductible under Profits and Gains of Business or Profession

    What are the Amounts Deductible under Profits and Gains of Business or Profession

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     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…

  • Amounts Not Deductible-40

    Amounts Not Deductible-40

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    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…