In this detailed blog, the focus will be on exploring IND AS 40, which offers comprehensive guidelines for accounting treatment concerning investment property. Investment property, encompassing real estate held by an entity primarily for rental income, capital appreciation, or both, is the central subject of...
Form DPT-3 serves as the official statement return mandated for submission by every company, excluding government entities, and specified classes of companies, that have accepted deposits under section 73 and its accompanying regulations....
This guide delves into the intricacies of Section 194-I, which outlines the provisions for deducting tax at source (TDS) on rent payments. Targeted primarily at individuals earning income from renting out properties or subletting, this section imposes TDS on rental income, considering it as an...
Rental income refers to the revenue received by a taxpayer through renting out their property to another individual. Under Section 22 of the Income Tax Act, 1956, the annual value of property becomes taxable under the head of income from house property if certain conditions...
In a bid to encourage increased participation and financial backing for political parties, provisions for tax exemptions are laid out under Section 80GGB of the Income Tax Act, 1961. This section deals explicitly with donations and contributions made by Indian companies towards political parties or...
Agricultural income in India, as defined by the Income Tax Act of 1961 under Section 2(1A), encompasses various revenue streams derived from land specifically used for agricultural purposes within the Indian territory....
Against the backdrop of evolving market dynamics, there has been a surge in demand for spacious residential properties, particularly plots and villas. However, a recent ruling by the Gujarat Advance Ruling Authority (AAR) has introduced a new challenge for prospective buyers, necessitating them to bear...
As per section 406 of Companies Act, 2013, a NIDHI Company is a non-banking financial business organization. The primary function of a NIDHI Company is lending and borrowing money among its members for their mutual benefit. It is also known as Benefit fund, permanent fund,...
The process of reconciling share capital is vital for ensuring accuracy and transparency within a company's financial records. Form PAS-6 serves as a crucial tool in this reconciliation process, particularly for unlisted public companies governed under specific regulations....
When faced with a notice from the Income Tax Department regarding the non-filing of an Income Tax Return, taxpayers must promptly respond. These notices are typically sent via email or SMS, and taxpayers can reply through their income tax e-filing accounts, eliminating the need for...
Agree
