What are Inadmissible Expenses?
Inadmissible Expenses [Section 58] (i) Personal expenses (ii) Wealth – tax (iii) Expenses of the nature described in Section 40 A. (iv) Interest and salary...
Elements of Direct and Indirect Taxes
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What are Tax Incentives?
Tax Incentives Government of India provides tax incentives for:- • Corporate profit • Accelerated depreciation allowance • Deductibility of certain expenses subject to certain conditions....
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CENVAT Credit of special excise duty
Credit of special excise duty- A manufacturer of final products shall be allowed to take credit of the duty of excise specified in the...
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Compute Mr. Mohla’s Total Income
Mr. Mohla, a disabled person, furnishes the following information for the assessment year 2012- 13: 1. Taxable Income from Salary 2,00,000 2. Income from House...
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What is Corporate Income Tax?
Taxes on Corporate Income Companies residents in India are taxed on their worldwide income arising from all sources in accordance with the provisions of the...
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Basic definitions in DIRECT INDIRECT TAX
SOME OF THE BASIC DEFINITIONS IN DIRECT INDIRECT TAX 1. Person 2(31) Person includes : a) individual b) Company c) Hindu undivided family d) Body...
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What is Purchase Price?
Purchase Price [Section 2(20)] Purchase Price means the amount of valuable consideration paid or payable by a person for any purchase made. It also includes...
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What are taxable and non-taxable Perquisites?
Perquisites Meaning of Perquisites : Perquisites are the benefits or amenities provided in cash or kind by employer free of cost or at a concessional...
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What are Goods?
Goods [Section 2(12)] Goods means every kind of moveable property excluding newspapers, actionable claims (debts), money, stocks, shares and securities or lottery tickets. It also...
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What are Allowances?
Allowances An allowance is a fixed monetary amount paid by an employer to an employee for meeting some particular expenses, whether for personal or official...
