Capital asset, according to section 2(14), mean the property of any kind held by an assessee, whether or not connected with his business or profession, any security held by a Foreign Institutional Investor (FII) which was invested in such securities in accordance with a regulation made under the SEBI Act, 1992 Type of Capital...
Continue readingHouse Property
Section 22 of the house property The concept of Annual value and the method of determination is laid down. The annual value of property comprising building and land appurtenant thereto, of which the assessee is the owner, is chargeable to tax under the head house property after deductions. The following properties are chargeable under...
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Internal Audit means “An independent management function, which involves a continuous and critical appraisal of the functioning of an entity with a view to suggesting improvements thereto and add value to and strengthen the overall governance mechanism of the entity, including the entity’s strategic risk management and internal control system Applicability of Internal Audit...
Continue readingHow to become a member of a company?
A company consists of members, though it has its own separate legal entity. The members of a company are the persons who constitute the company as a corporate body. In the case of a company limited by shares, the shareholders are the members. The terms “members” and“shareholders” are usually used interchangeably, being synonymous, as...
Continue readingAnnual General Meeting
Annual general meeting (AGM) is an important meeting that is held annually, where members of the company get an opportunity to discuss the activities of the company. As per Section 96 of the companies Act,2013 every company, except one-person companies shall hold an annual general meeting every year. The Board shall, every year, hold...
Continue readingCost Records and Cost Audit
Meaning of Cost Records Cost record means books of account relating to the utilization of labor, materials, and other items of cost as applicable to the production of the goods or services as provided by section 148 of the Companies Act and the Companies (Cost Records and Audit) Rules. The Companies (Cost Records and...
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PENALTY FOR CERTAIN OFFENCES The list of following offenses is as under: Supply of any goods or services or both without the issue of any invoice or issue of false invoice or issue an incorrect statement Issue bill or Invoice without the supply of goods or services or both in violation of the provisions...
Continue readingDeductions under Section 80GGB
Section 80GGB of the Income Tax Act 1961 deals with a deduction for donations and contributions made directly or indirectly by an Indian Company to political parties or electoral trusts. Tax Deductions under Section 80 GGB An Indian company can claim deduction under section 80GGB of the Income-tax Act,1961 in case of donation made...
Continue readingIndependent Director
Who is an Independent director? The Independent director is a non-executive director of a company, who helps to improve corporate governance and credibility of the company. They do not have any interest or any kind of relationship with the company. They are free from any interest in the company so that they can make...
Continue readingRefund Status and its Resolution
What is a refund? A taxpayer who has paid higher taxes to the government in the previous financial year than their actual liability is required to file their income tax return to get eligible to claim the refund of the excess amount paid by the assessee. The excess tax paid by the assessee is...
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