Recently, MCA issued various notices after reviewing the cost audit reports, and now ICMAI has come up with an advisory, which we need to follow. We request that you ensure the accuracy of the data, the timely completion of the data, and the filing of the cost audit report.
Section 2(42C) of the Income-tax Act, 1961 (IT Act) defines the term slump sale" as the transfer of one or more undertakings, by any means, for a lump sum consideration without values being assigned to the individual assets and liabilities in such a transfer
Form 26QB is a statement cum challan for the online payment of TDS on property transactions.
The world is changing dramatically, and if one is not aware of what the future is and what major changes are taking place in the future, one may not be able to sustain the practice.
Freelance income includes earnings that you generate from completing freelancing tasks. Freelancing is a form of self-employment as you are not hired by the company or placed on its payroll.
In recent years, the advent of cloud accounting has revolutionized how SMEs handle their finances, offering a myriad of benefits that can streamline processes and drive growth.
The Goods and Services Tax (GST) regime allows businesses to claim Input Tax Credit (ITC) on purchases used for taxable supplies. However, there are situations where previously claimed ITC needs to be reversed.
As we are all aware, under the Income Tax Act of 1961, every assessee has to furnish his income tax return as required by 139. Once it has been furnished, the assessment part comes into play, where an assessing officer scrutinizes the ITR form and takes action as required.
Angel Tax which is governed by Section 56(2)(viib), was introduced in the Income Tax Act from the Assessment Year 2013-14 via finance bill, 2012 as a step to take up the circulation of unaccounted money in the name of share premiums which were received by private companies or closely held companies.
Let's screen some data and see that if at all the rally that the market has experienced was due to P/E expansion if not Earnings expansion or both.
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