Accounting Standard 3 (AS 3) arrangements with cash flow statement. This accounting standard records data about changes in cash and cash counterparts of a substance during a specific period.
Such data is unveiled in the AS 3 cash flow statement showing cash flows from working, contributing, and financing exercises during an […]
RoDTEP represents the Remission of Duties and Taxes on Export Products. It is another scheme that is relevant with impact from January first, 2021, framed to supplant the current MEIS (Merchandise Exports from India Scheme). The RoDTEP scheme will guarantee that the exporters get discounts on the installed assessments and obligations already non-recoverable. The […]
India’s Income Tax Act is one of India’s most important laws. India has a complex tax system with multiple levels of taxation, and Section 119 empowers the CBDT to issue instructions to lower levels of authorities. In addition, Section 119(2)(b) empowers CBDT to direct tax authorities to permit any claim for exemption, deduction, refund, and […]
The Indian Income-tax Act, 1961 (hereinafter referred to as the “Act”) provides for deduction in respect of certain expenses incurred by an individual or a Hindu undivided family. Section 24 deals with income tax deduction from house property. The section specifies that any person who is a resident and owns a residential accommodation shall be entitled […]
Section 54 – Capital Gain Exemption: A residential home sale is a capital asset sale, and the profit is taxed as a capital gain.
Property of any sort, moveable or immovable, tangible or intangible, owned by the assessee for whatever purpose is included in the definition of capital asset under section 2(14) of the Income Tax […]
