As a part of the CA Curriculum, a CA Student is required to undergo 3 years of articleship training under a Chartered Accountant. Recommended Read: 4 Effective ways of searching for Articleship Vacancy Out of these 3 years of articleship,...
As a part of the CA Curriculum, a CA Student is required to undergo 3 years of articleship training under a Chartered Accountant. Recommended Read: 4 Effective ways of searching for Articleship Vacancy Out of these 3 years of articleship,...
As per ICAI Norms – An article assistant is eligible for taking leave equivalent to 1/6th of the articleship period served by him. We’ve highlighted the fact that it is computed on the basis of articleship training period served and...
Why do you need to recognize deferred tax? You should recognize deferred tax not only because the IFRS rules say so, but also because deferred tax is an important accounting measure. It helps to match tax effect of certain transactions...
Section 43B is an over-ruling section and anything contained in other provisions of the Income Tax Act should not be applicable to the payments mentioned under this section. Section 43B states that certain payments should be allowed to be claimed...
Section 30 of the Indian Partnership Act, provides that though a minor cannot be a partner in a firm, but, with the consent of all the partners for the time being, he may be admitted to the benefits of partnership...
Budget 2017 Update: In order to disincentivise cash transactions, it is proposed to amend the provisions of Section 40A of the Income Tax Act to provide the following: To reduce the existing threshold of cash payments to a person from...
Section 40A(2) is an over-riding sections which provide that even if an expenditure or allowance comes within the purview of any other section, there treatment should only be done as laid down in Section 40A(2). Section 40A(2): Disallowance of expense...
If a person receives Gifts (either in cash or in kind) from any person, gift tax would be liable to be paid by the person receiving the gifts. Such income would be taxable in the year in which the gift...
As per Section 40(b) of the Income Tax Act 1961, Interest & Salary paid to the Partners by the Partnership Firm are allowed to be deducted as an expense only in case all the specified conditions are being adhered to....
Although Partnership Firms don’t have a separate legal entity, for the purpose of Income Tax, they are treated as different from their partners. Partnership Firms whether registered or unregistered are therefore required to register with the Income Tax Dept. and...