PRESUMPTIVE TAXATION UNDER THE INCOME TAX ACT, 1961
January 30, 2025
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In order to alleviate the burdensome task of bookkeeping and the obligation of undergoing audits for small-scale taxpayers, the Income-tax Act has instituted the presumptive
TAXABILITY OF UNREGISTERED CHARITABLE/RELIGIOUS TRUSTS/INSTITUTIONS
January 24, 2024
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This article deals with Charitable/Religious trust/institution which is not registered under Section 12AA/12AB of the Income Tax Act, 1961 (“the Act”). Also, it does not
TAX TREATMENT OF PRELIMINARY/ PRE-OPERATIVE EXPENSES
January 11, 2024
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This article deals with deduction or allowance under Income Tax Act, 1961 (“ITA”) for Pre-operative Expenses/preliminary Expenses. 1. What are Pre-operative Expenses/preliminary Expenses? A business
ACCOUNTING TREATMENT OF PRELIMINARY/ PRE-OPERATIVE EXPENSES
January 9, 2024
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1. What are Pre-operative Expenses/preliminary Expenses? A business may incur many expenditures before it starts. These costs can be called as Start-up costs which consists