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Clarification by Government of India in relation to section 194N Introduction: Since its introduction section 194N is in the controversy and once again after the amendment by Government of India. On 20th July, 2020 government has again issued clarification in regard to various practical question raised by various stakeholders According to amendment following is the…
Investment Linked Deduction under Section 35AD of Income Tax Act 1961 Introduction Under Section 35AD, government intends to give incentive to businesses to foray into certain industries which are critical for the economy as a whole. These are capital incentive industries i.e. there is high capital and high risk involved in setting up a business…
Simplified Version of Indian Accounting Standard 115, Revenue from contract with customer To which entity Ind-As is applicable? Important Points: Net Worth = Paid-up share Capital + all reserves out of profit & securities premium account –accumulated losses – deferred expenditure – miscellaneous expenditure not written off Reserves created out of revaluation of assets and…