"Fugitive Economic Offender" means any individual against whom a warrant for arrest in relation to a Scheduled Offence has been issued by any court in India.
Where the consideration for transfer of the asset is less than the stamp duty value, the value so adopted shall be deemed to be the full value of the consideration, for computing income under PGBP.
If you are pursuing YouTube as your full time profession, you will be taxed under Income from Business or Profession. If it’s a part time earning, the income will be taxable under Income from Other Sources.
Business loan interest is eligible for exemption, however, the principal amount of the loan is not provided with any tax benefit. The interest is usually deducted from gross income.
Investments made under Sukanya Samriddhi Yojana Scheme are eligible for deduction under Section 80C. The interest accrued on the investment is also eligible for tax exemption.
In a limited review, the interim financial information is analytically reviewed and inquiry procedures are conducted to identify whether the interim financial information is free from material misstatement.
Due to technical glitches on the new Income Tax portal, taxpayers have failed to file Income Tax Return, Audit Report and there is a delay in submission of Financials in the bank for loan purposes.
With the intent to ensure "Minimum Government, Maximum Governance" the Government of India embarked on an ambitious journey to reduce burdensome compliances.
To provide exact profitability and bring more transparency to the financial statements of a company, the concept of Other Comprehensive Income was introduced in IND AS.
Job work means processing or working on raw materials or semi-finished goods supplied by the principal manufacturer to the job worker.
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