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https://1investing.in/ gain arising on transfer of short-term capital asset or depreciable asset is considered as short-term capital gain, whereas transfer of long-term capital asset gives rise to long-term capital gain. Any sum paid as an employer for setting up or as contribution to any fund, trust, company, AOP, BOI, Society or other institution shall not be allowed as deduction if such contribution or payment is not required by any law. Any expenditure incurred by a company on scientific research on in-house scientific research and development facilities as approved by the prescribed authorities shall be allowed as deduction . Entire capital expenditure incurred on scientific research is allowed as deduction. Actual expenditure incurred by the employer minus Rs. 2400 per month and Rs. 900 per month if chauffer is also provided minus amount recovered from employee shall be taxable value of perquisite. Actual expenditure incurred by the employer minus Rs. 1800 per month and Rs. 900 per month if chauffer is also provided minus amount recovered from employee shall be taxable value of perquisite.

Additional depreciation shall be available @20 % of the actual cost of new plant and machinery. ‘Systemically Important Non-deposit Taking NBFC’ means a NBFC which is not accepting or holding public deposits and having total assets of not less than Rs. 500 crore as per the last audited balance sheet and is registered with the RBI. While as in case of contract for providing services with indeterminate number of acts over a specified period of time shall be determined on basis of straight line method.

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If shares in a closely held company are received by a firm or another closely held company from any person without consideration or for inadequate consideration, the aggregate fair market value of such shares as reduced by the consideration paid, if any, shall be chargeable to tax. Income of a foreign company engaged in the business of civil construction or the business of erection of plant or machinery or testing or commissioning thereof, in connection with turnkey power projects shall be computed on presumptive basis . Any increase or decrease in the liability incurred in foreign currency pursuant to fluctuation in the foreign exchange rates shall be adjusted with the actual cost of such asset only on actual payment of the liability. 100% of capital expenditure incurred for the purpose of business is allowed as deduction provided specified businesses commence operations on or after the prescribed dates.

Land, building, plant or machinery, in order to shift industrial undertaking to rural area. Land, building, plant or machinery, in order to shift industrial undertaking from urban area to SEZ. Land, building, plant or machinery, in order to shift industrial undertaking from urban area to rural area. R) By HUF where one of its members has converted his self-acquired property into joint family property.

Bank details given in this page is for Payment of TATA POWER DELHI DISTRIBUTIONS LIMITED. Delhi

Any amount recovered from the employee shall be deducted from the taxable value of perquisite. 2) Rent free accommodation provided to High Court or Supreme Court Judges, Union Ministers, Leader of Opposition in Parliament, an official in Parliament and Serving Chairman and members of UPSC is tax free perquisite. 1) Rent free accommodation is not chargeable to tax if provided in remote area. Given the increased pace of computerisation and the availability of expenditure and receipt transactions in electronic format, it is only a need of the hour that we, accountants/auditors reinvent our methodologies so as to continue fulfilling our mandate in an efficient and effective manner. Data Analytics is one discipline which can seep through all our activities and improve such efficiency. From the plot one could identify the outliers who not only have drawn large amount of money through the AC Bill but also has a large outstanding amount.

Out of sum computed above, any loss incurred due to vacancy in the house property shall be deducted and the remaining sum so computed shall be deemed to the gross annual value. However, expenses on telephones including a mobile phone incurred by the employer on behalf of employee shall not be treated as taxable perquisite. C) Food in office premises or through non-transferable paid vouchers usable only at eating joints provided by an employer is not taxable, if cost to the employer is Rs. 50 per meal. Fair Market value of shares or securities on the date of exercise of option by the assessee less amount recovered from the employee in respect of such shares shall be the taxable value of perquisites. Allowance granted to an employee working in any transport business to meet his personal expenditure during his duty performed in the course of running of such transport from one place to another place provided employee is not in receipt of daily allowance.

• 3) The value so determined shall be reduced by the amount of rent, if any, recovered from the employee.
• Compulsory acquisition of land or building forming part of industrial undertaking .
• This is the Portal of Indian Railways, developed with an objective to enable a single window access to information and services being provided by the various Indian Railways entities.
• Consideration paid by company on buyback of shares or other securities would be deemed as full value of consideration.
• C) Date of contract of sale as declared by parties provided it is followed up by actual delivery of shares and the transfer deeds.

B) Where such facility is maintained by the employer, and is not available uniformly to all employees, the value of benefit shall be taken to be the value at which such facilities are offered by other agencies to the public. B) Loan is provided for treatment of specified diseases like neurological diseases, Cancer, AIDS, Chronic renal failure, Hemophilia . However, exemption is not applicable to so much of the loan as has been reimbursed to the employee under any medical insurance scheme. 43A.17Any sum paid by employer in respect of any obligation of an employeeFully Taxable44.

The dimensions of the newly launched Rs. 500 currency note is –

The drawal of contingent charges on items of what is ac note in money by a State Government, for which final classification and supporting vouchers is not available at the time of drawal are made on ‘Abstract Contingent’ Bills. Initially made as advance, its subsequent adjustments are ensured through submission of Detailed Contingent bills within a stipulated period of drawal of AC bill. To make it easier for our customers to pay their electricity bills, Tata Power-DDL has collaborated with Yes Bank for acceptance of our electricity bill payments at their branches . Now, Tata Power-DDL customers can pay their bills at selected Yes Bank branches across Delhi NCR through Cash, Cheque or Demand Draft. All the payments will be accepted as per the guidelines prescribed by DERC. A) The scheme is open to all taxpayers, who wish to claim exemption under Sections54, 54B,54D, 54F,54G or 54GB.

However after 90 days, taxable value of perquisites shall be charged with reference to both the accommodations. J) From any person, in respect of any expenditure actually incurred by individual on his medical treatment or treatment of any member of his family, for any illness related to COVID-19 (subject to such conditions as prescribed by Govt.). K) Consequent to transfer of share(in a scheme of amalgamation as referred to in Section 47 of a foreign company which derives, directly or indirectly, its value substantially from the share or shares of an Indian company held by amalgamating foreign company to the amalgamated foreign company. 44ADAIncome from eligible profession u/s 44AA can be computed on presumptive basis if the total gross receipts from such profession do not exceed fifty lakh rupees in a previous year.

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Company should enter into an agreement with the prescribed authority for co-operation in such research and development and fulfils conditions with regard to maintenance of accounts and audit thereof and furnishing of reports in such manner as may be prescribed. B) 20% of profits from such business before making any deduction undersection 33ABA and before adjusting any brought forward loss. B) 40% of profits from such business before making any deduction undersection 33AB and before adjusting any brought forward loss. However, it shall be deemed to be distinct and separate from any other business. Value of any benefits or perquisites arising from a business or the exercise of a profession. Salary and allowances received by a teacher /professor from SAARC member state .

Investment in new assets or capital gains, whichever is lower, however, subject to Rs. 50 lakhs. Where previous owner has also acquired the property in the aforesaid manner the ‘previous owner’ of the property shall be construed as the last previous owner who acquired the property by means other than those stated above. M) Consequent to transfer of share (in case of demerger as referred to in Section 47 of a foreign company which derives, directly or indirectly, its value substantially from the share or shares of an Indian company held by a demerged foreign company to resulting foreign company. The full value of consideration received or accruing as a result of transfer of such asset. Any transfer of a capital asset by original fund to the resulting fund in a relocation.

However, where in respect of any such sum, tax is deducted or deposited in subsequent year, as the case may be, the expenditure so disallowed shall be allowed as deduction in that year. Any sum payable to a resident, which is subject to deduction of tax at source, would attract 30% disallowance if it was paid without deduction of tax at source or if tax was deducted but not deposited with the Central Government till the due date of filing of return. Employer’s contribution towards approved gratuity fund created exclusively for the benefit of employees under an irrevocable trust shall be allowed as deduction . However, a company can also claim deduction for expenditure incurred by it directly on eligible projects. Revenue expenditure on scientific research pertaining to business of assessee is allowed as deduction .

Expenditure on scientific research in relation to Drug and Pharmaceuticals shall include expenses incurred on clinical trials, obtaining approvals from authorities and for filing an application for patent. The payment should be made with the specified direction that the sum shall be used in a scientific research undertaken under an approved programme. Deposit Taking NBFC’ means a NBFC which is accepting or holding public deposits and is registered with the RBI.

B) Any securities held by a FII which has invested in such securities in accordance with the regulations made under the SEBI Act, 1992. Salaries payable outside India, or in India to a non-resident, on which tax has not been paid/deducted at source is not deductible. Deduction in respect of bad debts actually written off under section 36 shall be limited to that amount of bad debts which exceed the provision for bad and doubtful debts created under section 36. Deduction would be allowed in equal installments starting from the year in which such payment has been made and ending in the year in which license comes to an end.

Cost of acquisition of an asset is the amount for which it was originally acquired by the assessee. It includes expenses of capital nature incurred in connection with such purchase or for completing the title of the property. Transfer of capital asset , by a shareholder or unit holder or interest holder, held by him, in original fund in consideration for share or unit or interest in the resultant fund in a relocation. Any transfer of a capital asset by the predecessor co-operative bank to the successor co-operative bank in a business reorganization. Interest, salary, bonus, commission or remuneration paid by Association of Persons or Body of Individuals to its members shall not be allowed as deduction . Tax paid by the employer on non-monetary perquisites provided to employees is not deductible if the tax so paid is not taxable in the hands of employees by virtue ofSection 10.

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