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IndianTaxStudy
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Value Added statement isn’t an Account in the traditional sense. It is mere a statement showing the economic output of the reporting entity. It is different from the traditional Profit and Loss Account. In traditional Profit and Loss account, reporting is…
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Money Market is an important ingredient for growth and development of an economy. India too is no exception for it. With the fastest growing economy, India has experienced significant growth in its Money Market operations. The Participants like the…
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After the demonetization, Government has earned an important lesson. Keeping the rhetoric aside, it’s enlightened to the wisdom of colours in money. Notes of two-thousand turned pink, five hundred went green but none could become black. Still, it’s a firm…
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Although in some cases, quoting of PAN for certain type of transaction is must, for most of the transactions quoting of PAN is optional yet it is beneficial to quote PAN in your own interest. When TDS is to be deducted by payer, you should quote your PAN…
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This Week has been full of news related to GST. Though believed to be a tough task, it is anticipated to come into effect from 1st July. Also giving due respect to the deadline expected by Government, recently on May 18 & 19, for the very first time rates…
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With Aadhaar being mandatory for filing ITR, there are several consequences for not linking the same. Below is in detail consequences. Most immediate impact will be on filing of ITR. As earlier notified by Government, no ITR shall be accepted within…
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With deadline for applicability of Goods and Service Tax (GST) coming near, there’s still confusion as to number of return to be filed. This article is a guide to the number of returns under GST and their Due Dates. Form No. Details to be filed To be…
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Straight Line Method (SLM) and Written Down Value (WDV) methods are the most used methods for calculating depreciation. Although Companies Act doesn’t require any specific method to be chosen, the income tax limits the choice for selecting options. SLM is…
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Section 194D deals with Tax Deduction on payment of insurance commission. This section casts responsibility on any person responsible for paying to a resident any income by way of remuneration or reward as a commission from the insurance business. Payment…
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Provisions related to Tax Deduction at Source (TDS) that are applicable on payments to contractors and sub-contractors are in Section 194C of the Income Tax Act, 1961. This section applies only to payments made to resident contractors and sub-contractors.…
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