Deferred Tax Liability on Special Reserve created under Section 36(1) (viii) of Income Tax

Manner of Reporting by the Auditors In Respect of RBI’s Circular on Deferred Tax Liability on Special Reserve created under Section 36(1) (viii) of Income Tax by the Banks 1. The Reserve Bank of India, on 20th December 2013, issued Circular No. DBOD.No.BP.BC.77/21.04.018/2013-14 for all commercial banks (excluding Regional Rural Banks) in respect of Deferred Tax Liability on Special Reserve created

» Read more

Definition of Block of Assets -Section 2(11) of Income Tax Act 1961

“block of assets” means a group of assets falling within a class of assets comprising— (a) tangible assets, being buildings, machinery, plant or furniture; (b) intangible assets, being know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature, in respect of which the same percentage of depreciation is prescribedPlease refer bare IT Act for

» Read more

Definition of Assessing Officer-Section 2(7A) of Income Tax Act 1961

“Assessing Officer” means the Assistant Commissioner or Deputy Commissioner or Assistant Director or Deputy Director or the Income-tax Officer who is vested with the relevant jurisdiction by virtue of directions or orders issued under sub-section (1) or subsection (2) of section 120 or any other provision of this Act, and the Additional Commissioner or Additional Director or Joint Commissioner or

» Read more

Definition of Aagricultural Income – Section 2(1A) of Income Tax Act 1961

“Agricultural income” means: (a) any rent or revenue derived from land which is situated in India and is used for agricultural purposes; (b) any income derived from such land by— (i) agriculture; or (ii) the performance by a cultivator or receiver of rent-in-kind of any process ordinarily employed by a cultivator or receiver of rent-in-kind to render the produce raised

» Read more

MoU between ICAI and Madras University

Memorandum of Understanding (MoU) between ICAI and University of Madras The Institute of Chartered Accountants of India (ICAI) is a statutory body established by the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India. During its more than six decades of existence, ICAI has achieved recognition as a premier accounting body not only in

» Read more

Form 49AA & 49A for PAN Application of Indian / Foreign Citizens- Download pdf copy

Updates Sept. 2014With effect from April 8, 2012, PAN applications are required to be furnished in the new forms prescribed by ITD. Indian citizens will have to submit their ‘Application for allotment of new PAN’ in revised Form 49A only. Further from April 1, 2012, fees for PAN application has changed to Rs. 96. (For dispatch outside India Rs.962). Foreign citizens

» Read more
1 2 3 303