Articles by FCS Deepak Pratap Singh
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What is Co-Pay Insurance And How is it Beneficial For Senior Citizens?
FCS Deepak Pratap Singh 20 September 2024 at 08:33The co-payment option in health insurance for senior citizens is a contractual arrangement in which the policyholder is responsible for paying a specified percentage of the medical costs upfront, while the insurance provider covers the rest.
Is trading in a Life Insurance Policy allowed?
FCS Deepak Pratap Singh 03 September 2024 at 08:53"It is suggested that life insurance policies be treated as a capital asset falling within the definition of "property" under Section 2(14) of the Income Tax Act. Indexation benefit (for premiums paid) will take care of inflationary impact, resulting in parity with other capital assets," ICAI said in its Pre-Budget Memorandum, 2022.
Case Study: Lease Rent Payment (Fixed or Variables)
FCS Deepak Pratap Singh 02 September 2024 at 08:31In the given case, payment of Rs 2 per bottle packed is variable is nature because the no. of bottle packed will vary.
Case Study: Change in Accounting Estimates And Errors Reporting
FCS Deepak Pratap Singh 29 August 2024 at 08:39In the given case, the retrospective restatement has no effect on the information in the balance sheet at the beginning of the preceding period (i.e., 1st April 2021). Therefore, PQR Ltd. is not required to present a third balance sheet.
Case Study: Revenue Recognition
FCS Deepak Pratap Singh 28 August 2024 at 08:41The entity ABC is a public limited company domiciled in India. The Government of India holds 52% in the paid-up equity capital of the company as of 31st March, 2023
Case Study: Short Term Leases
FCS Deepak Pratap Singh 26 August 2024 at 08:36Entity X (lessee) enters into a lease with Entity Y (lessor) for two assets namely, Asset A and Asset B, with 10 months non-cancellable term with an option to extend the lease for 5 months. The lease does not have a purchase option.
Any claim not included in Resolution Plan shall be extinguished: Supreme Court
FCS Deepak Pratap Singh 06 August 2024 at 08:29Once a Resolution Plan is approved by the Adjudicating Authority, the same, irrespective of whether or not they participated in the CIRP, binds all creditors and any claims not forming part of the approved Resolution Plan shall stand extinguished.
Budget 2024 & Individual Taxpayers
FCS Deepak Pratap Singh 03 August 2024 at 14:12BUDGET-2024 & INDIVIDUAL TAXPAYERS Dear Friends, As you are aware that every year Central Government put its “Statement of Income & Expenditure&rd
Provisions of Budget 2024: For Senior & Super Senior Citizens
FCS Deepak Pratap Singh 03 August 2024 at 08:48BUDGET 2024 FOR SENIOR / SUPER SENIOR CITIZENS
![Payment of Tax Liability by Transferee of Transferor in an agreement of amalgamation is of capital nature [Bombay HC]](/img/previewthumb/paidnfree/Feb_6.jpg "Payment of Tax Liability by Transferee of Transferor in an agreement of amalgamation is of capital nature [Bombay HC]")
Payment of Tax Liability by Transferee of Transferor in an agreement of amalgamation is of capital nature [Bombay HC]
FCS Deepak Pratap Singh 22 July 2024 at 08:29In the instant case, evidently, the tax liability discharged by the assessee was in pursuance of the agreement with the transferor for taking over the business and was a part of the consideration for the transfer.
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