Section 35D of income tax act -certain preliminary expenses incurred by Indian company before commencement of business shall qualify for amortization. 1.What is section 35D of income tax act? Section 35D of income tax act introduced to claim deduction of…
Cash transactions are straight way recorded in the cash book & on the basis of such record ledger accounts are prepared. What is Cash Book? All cash transactions are recorded in the cash book. All transactions in cash book have…
Earning Per Share (EPS) means profit and loss attributable to equity shareholders of a company and this measure companies profitability. Further, an entity shall calculate basic earning per share for profit or loss attributable to ordinary equity shareholders of the…
Section 143(1) of income tax act is a communication that the income tax department send to the taxpayer after processing the income tax return and informing them about result. Content 1.What is section 143(1) of income tax act? section 143(1)…
Going concern concept is an fundamental accounting assumption that an enterprise is a going concern & will continue its operation in future. What is going concern concept in accounting? Going concern concept is one of the basic accounting assumption that…
Capital gain on sale of agriculture land is exempted to an individual/ HUF as per the provision of section 54B of income tax act. Content 1.What is section 54B of income tax act? 2.Who can claim exemption of capital gain…
Section 37 of income tax act general Deduction allowed for business and profession. Contents 1. Overview of section 37 of income tax act? 2. What are the conditions required to be satisfied to claim deduction under section 37 of income…
Section 54 of income tax act prescribes exemption of capital gain from sale/transfer of residential house property. Content 1.What is section 54 of income tax act? 2.Who can claim exemption under section 54 of income tax act? 3.What are the…
Sukanya Samriddhi Yojana(SSY) is for the benefit of girl child as a part of beti bachao beti padhao campaign (BBBP). Content 1.What is SSY (Sukanya Samriddhi Yojana) ? 2.Where can you open SSY account? 3.What are the documents required to…
Section 154 of income tax act provides for rectification of mistakes. Again, it is a rectification of a mistake apparent from the record. Content 1.What is section 154 of income tax act? 2. What mistake can be corrected by filing…