INCOME TAX ACCOUNTING STANDARDS FOR COMPUTATION OF INCOME CHARGEABLE TO INCOME TAX
CBDT notified the ten “income computation and disclosure standards” to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax under the head “Profit and gains of business or profession” or “ Income from other sources”.
The Notified Standards are relating to :- Continue reading
INCOME TAX BENEFITS TO TELANGANA & BACKWARD AREAS OF ANDHRA PRADESH
With both Houses of Parliament having passed the Andhra Pradesh Reorganisation Bill,2014, Telangana eventually become the newest 29th State of the Indian Union. After sixty years of tenacious struggle the people of the Telangana region have, defying all odds and sacrificing countless precious lives, been able to secure for themselves a separate State. This is indeed of historic importance and the people of Telangana are justifiably feeling jubilant. Continue reading
Budget 2015 – Highlight on on direct taxation
1.Surcharge increase by 2% in all cases except in case of foreign company which is continue to be at the rate of 2% if taxable income exceeds Rs. 1 crore & 5% if taxable income exceeds Rs. 10 crore.
Now effective rate of surcharge w.e.f AY 2016-17 will be 7% if taxable income exceeds Rs. 1 crore & 12% if taxable income exceeds Rs. 10 crore.
2. Dealing in cash in immovable property transactions is covered under section 269SS & T.
Consequential amendments in section 271D and section 271E to provide penalty for failure to comply with the amended provisions of section 269SS and 269T, respectively. Continue reading