I. Increase in the allowable deduction limit for remuneration paid to working partners of a firm Effective from the Assessment Year 2010-11, Sub-clause (v) of clause (b) of section 40 of the Income Tax Act, 1961 (“the Act”) established a cap on the allowable deductions for remuneration to working partners of a partnership firm, subject…
The 53rd GST Council meeting focused on easing compliance burdens and providing relief to taxpayers. Here’s a summary of the key takeaways from 53rd GST Council meeting : Exemptions: Railway tickets, waiting room charges, and other railway services are now exempt from GST. Additionally, hostel accommodation charges (up to Rs 20,000 per person per month)…
The Institute of Chartered Accountants of India has conducted the CA Final And CA Intermediate exams in May month of this Year 2024 and these exams are concluded on May 17th. So here is the CA Exams May 2024 – Expected Results Date. Typically, results are expected within 45-50 days after exams conclude, placing the…
Here are the “Key Concepts for Set B of SPOM Exams – Strategic Cost & Performance Management (SCPM)” Just in Time Target Costing Standard Costing Digital technologies Cost of Quality (Numerical + Theory) Hyper Competition Skimming/Penetration Pricing Policies Incubators Life Cycle Costing Altman Z Score Calculation of NOPAT, WACC, Operating Capital Employed, ROI, RI, EVA,…
Following are the Differences between the old syllabus and New Syllabus of Strategic Cost & Performance Management (SCPM) – Set B Module. No As per New Syllabus Vs As per OLD Syllabus 1 An Introduction to Strategic Cost Management 50% Same An Introduction to Strategic Cost Management 2 Modern Business Environment Same Modern Business Environment…
Eligible Assesse : Resident Individual/Resident HUF/ Resident Firm (excluding LLP) who has not claimed deduction u/s 10AA or 80IA to 80RRB Exceptions : This section is applicable for any Business except Sec. 44AE Business,Agency Business,Commission & Brokerage business; and Turnover/Gross Receipts is upto 2 crore. Note: Where the amounts received during the PY in cash…
Section 194Q – Deduction of tax at source on payment of certain sum for purchase of goods Introduction of Section 194Q: Section 194Q of the Income Tax Act, 1961 deals with the deduction of tax while making payments to the seller for goods purchased from him. Applicability: TDS u/s 194Q shall be deducted by a…
Annexure A – List of codes not eligible for Section 44AD Code Sub Sector 9005 General Commission Agent 14001 Software Development 14002 Other Software Consultancy 14003 Data Processing 14004 Database activities and Distribution of Electronic Content 14005 Other IT Enabled Services 14006 BPO Services 14008 Maintenance and repair of office, accounting, and computing machinery 16001…
The Institute of Chartered Accountants of India has introduced Self-Paced Online Modules (SPOM) under the New Scheme of Education and Training, including SET A, SET B, SET C, and SET D covering various subjects. Students can learn and qualify at their own pace after registering for the Final Course, with registration for SPOM without any…
The Institute of Chartered Accountants of India announced the dates for the next Chartered Accountants Foundation and Intermediate Examinations which will be held in September 2024. The examinations will take place in various cities in India and overseas, with online application and fee payment required through the Self Service Portal (SSP). CA Intermediate and CA…
