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At the time of retirement of an employee, the employer pays the employee a certain amount regularly in consideration of his past service. This periodic payment is paid by the...

Budget 2016 Update: The limit has been increased from Rs. 24,000 p.a. to Rs. 60,000 p.a. This Section has been explained below in detail. Section 80GG provides for Deductions for...

Section 80DD & Section 80U deal with income tax deductions for individuals and their family members with disabilities. Deduction under Section 80U is provided in case the individual is himself...

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...

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...

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...

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...

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...

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...