Section 234F of income tax act
Section 234F of income tax act states fee for default in furnishing return of income if return is not filed on due date specified u/s 139(1). Content 1.What is section 234F of income tax act? 2.What is the fee for…
Tax And Finance Guide
Classification/Types of accounts in accounting
Classification/Types of accounts in accounting i.e. accounts are classified into two categories personal or impersonal accounts. Impersonal accounts can be further sub-divided into real or nominal accounts. Lets understand meaning of account in brief. Accounting means system of classifying, summarizing…
234A of Income tax act
Default in filing income tax return If a return of income is furnished after the due date or is not furnished, the assessee is liable to pay interest u/s 234A of income tax act. Index : What is section 234A…
Section 40A(3) of income tax act
Section 40A(3) of income tax act state amount not deductible in respect of expenditure exceeding Rs. 10,000. What is section 40A(3) of income tax act? It means if assessee incurs any expenditure in respect of which payment in excess of…
What is Contingent Liabilities
Contingent liabilities means possible obligation arising from past events and may arises in future depending on occurrence and non-occurence of one or more uncertain future events. In other words contingent liabilities are potential liabilities that may or may not occur…
House Rent Allowance under section 10(13A)
House Rent Allowance is received by the salaried individual. The assessee can claim deduction of house rent allowance under section 10(13A) in accordance with rule 2A of income rules. 1.What is House Rent Allowance under section 10(13A)? House rent is…
Section 139(9) defective/incomplete return
section 139(9) defective/incomplete return states that assessing officer considers that the return of income furnished by the assessee is defective if return form has not been duly filed. Content 1.What is section 139(9) defective/incomplete return? 2. What is the time…
Accrual Concept
What is accrual concept in accounwting? Accrual concept means effects of transaction and events are recorded on mercantile basis i.e. when they occur ( not as cash or cash equivalent is received or paid). Further they are recorded in accounting…
Section 139(4) of income tax act -Belated Return
If return is not furnished within the time allowed under section 139(1) or within time allowed under notice issued under section 142(1) . Then section 139(4) of income tax act enables a taxpayer to file a belated return. What is…
Materiality concept in accounting
Materiality concept in accounting guide the recognition of transactions. Materiality concept ignores the other concept if the effect is not considered material. What is materiality concept in accounting? Materiality concept in accounting is an accounting convention that guides the recognition…