I am herewith presenting some of my personal views to be discussed with regarding the proposed Company Law. I. COMPANY LAW The Proposed Company Law has to consider the following issues: FACE VALUE OF SHARES: There should be uniformity face value of forms @ Rs.10/- each and should not have any other face values so […]
Read More*** *** ALLOW ABILITY OF EXPENDITURE (SECTION 37) 1. Conditions for allow ability of expenditure: There should be an expenditure of revenue nature incurred during the previous year. The expenditure should not be Capital in nature. It should be incurred in connection with business or profession carried on by the assessee. It should have been […]
Read MoreAll 1. Expenditure on in-house research: The following expenditure incurred by the assessee on scientific research in relation to the assessee’s business shall be allowed as deduction- Current year expenditure: Current year revenue expenditure or Capital expenditure on scientific research. Prior period expenditure: Prior period revenue expenditure or capital expenditure incurred during 3years immediately preceding […]
Read More1. Applicability: All assesses who carry on the business of growing and manufacturing tea or coffee or rubber in India. 2. Pre-condition: The assessee should deposit the amount in NABARD or special Deposit Account within earlier of 6months from the end of the relevant previous year or before the due date of filing return of […]
Read More1. Expenditure on in-house research: The following expenditure incurred by the assessee on scientific research in relation to the assessee’s business shall be allowed as deduction- Current year expenditure: Current year revenue expenditure or Capital expenditure on scientific research. Prior period expenditure: Prior period revenue expenditure or capital expenditure incurred during 3years immediately preceding the […]
Read More1. Conditions: The payment should be authorized by the partnership deed. It should be for the period falling after the date of partnership deed. 2. Exception: The above condition does not apply in the following situations- Where an individual is a partner on behalf of or for the benefit of any other person, and interest […]
Read More1, Conditions for allow ability: Expenditure should be capital in nature. It should be incurred for the purpose of acquiring any right to operate telecommunication services. Payment should have been actually made to obtain a license for claiming deduction. It may be incurred either before commencement of business or any time during the previous year. […]
Read More1. Applicability: The assessee should be an Indian Company or Non-Corporate resident assessee. 2. Purpose of preliminary expenses: Before commencement of business – For setting up of any undertaking or business. After commencement of business – Extension of existing undertaking Or setting up new unit. Note: W.e.f. A.Y. 2009-10, the benefit u/s 35D is also […]
Read More1. Applicability: The assessee should be an Indian Company or Non-corporate resident assessee. Eligible Expenditure: Expenditure incurred wholly for- Operation relating to prospecting of such mineral or group of minerals specified in schedule VII or On the developments of mine or other natural deposits of such mineral or group of minerals. As reduced by- Expenditure […]
Read More1. Eligible projects / Schemes: “Eligible project or scheme” means such project or scheme for promoting the social and economic welfare of, or the upliftment of, the public as the Central Govt. may, by notification in the official gazette, specify in this behalf on the recommendations of the National Committee. 2. National Committee: “National Committee” […]
Read More