IJT Team

0 Views 7 Measurement of business income (or profit) is very important due to the following reasons: (a)   An important objective of most business enterprises is to earn profit. (b)   Income-tax is levied on the basis of income earned by the individuals and others from various sources including profits and gains from business and profession. … Read more Financial Accounting | Measurement of Business Income and Revenue Recognition

0 Views 7 One of the most important aspects of financial planning is risk profiling. Avoid investing haphazardly in risky products. The impact of the COVID-19 pandemic on our cash flows due to job losses and demise of loved ones in the family, has been felt by many of us and has exposed those without … Read more How to make a sound financial plan that can help you reach all your goals

0 Views 12 Mutual funds have gained increased acceptance among retail investors over the past few years. There is a pick-up in SIP investments over the past few months, even as the Sensex crossed 60,000 levels. However, a lack of fundamental understanding about mutual funds and misleading financial recommendations often result in investors ending up … Read more Invested in too many mutual funds? Here’s help in cleaning up your portfolio

0 Views 13 Limited Liability Partnership (LLP) Limited liability partnership (LLP) is a form of alternative corporate business(incorporated under the Limited Liability Partnership Act 2008) providing the benefits of limited liability that of a company and at the same time have the flexibility of a partnership firm. The limited liability partnership is a separate legal … Read more All about Limited Liability Partnership (LLP)

0 Views 7 BNPL-or buy now, pay later-is a credit instrument that is becoming popular fast. A BNPL is a no-or low-interest loan facility for small transactions. The BNPL is a no-or low-interest loan facility for small transactions. The BNPL provider settles your bill on your behalf and you repay the provider within an interest-free … Read more What you should know while shopping with BNPL

0 Views 5 The Rs6 trillion National Monetisation Pipeline (NMP) unveiled by finance minister Nirmala Sitharaman on Monday has captured everybody’s attention. However, the Opposition has alleged that the government is trying to sell India’s crown jewels. Unlocking Capital The NMP will help the authorities ease fiscal constraints and free up the balance sheets for … Read more Will National Monetisation Pipeline (NMP) succeed in helping government earn revenues?

0 Views 5 The SEBI Board held its meeting in Mumbai on 06.08.2021 under the chairmanship of Shri Ajay Tyagi. The Part-Time Members joined the meeting through video conferencing.  The key decisions taken by the Board include as viz. Relaxation of the lock-in requirements for promoter shareholding in terms of IPO/FPO The merger of  Share Based … Read more Key Highlights of the SEBI Board Meeting

0 Views 10 Start-up India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and start-ups in the country that will drive sustainable economic growth and generate large-scale employment opportunities. The Government, through this initiative, aims to empower start-ups to grow through innovation and design. The … Read more The Benefits Available for Start-Ups under the Income Tax Act

0 Views 13 Judiciary and Counsel Details M. Duraiswamy and Mrs. R. Hemalatha, JJ. Ms. Sri. Niranjan Srinivasan for the Appellant. T.R. Senthil Kumar, Sr. Standing Counsel and Mrs. K.G. Usha Rani, Standing Counsel for the Respondent. Facts of the Case Assessee filed return of income. During assessment proceedings, Assessing Officer (AO) disallowed the foreign expenses incurred in respect … Read more Foreign travel expenses claimed in respect of wife not allowable if wife wasn’t an employee of assessee’s concern

0 Views 10 Facts of the Case Assessee filed a return of income, and his case was selected for scrutiny. During assessment proceedings, Assessing Officer (AO) found that assessee had made a payment of Rs. 18,00,000 to labourers in cash. Consequently, AO made disallowances under Section 40A(3). Aggrieved by order of AO, assessee preferred an … Read more No disallowance u/s 40A(3) if ultimate payments made to labourers were below threshold limit: ITAT