Posted On:  1 year ago


Depreciation is allowed as expenditure for Computation of Income in case of Trust till 2015

Assessing Officer are mostly objecting depreciation claim by Charitable trust in scrutiny based on their opinion that expenditure is claimed twice, once at the time of application of income at the time of acquiring of asset and other at the time of claiming depreciation. The Article provides you explanation with relevant case laws on why depreciation should be allowed as expenditure

article author CA Chirag Chauhan

Posted On:  1 year ago


WHAT IS ZERO FIR ?

ZERO FIR: Zero FIR (Zero First Information Report) means that a FIR can be registered in any Police Station, on receipt of complaint, irrespective of its territorial jurisdiction  and the same can be transferred later to the appropriate Police Station After collection of evidences by Police.(Appropriate police station is one within  whose local jurrisdiction the offence actually taken place)

article author Dharmesh Jain

Posted On:  2 years ago


Section 2(14) of the Income tax act- Capital Asset Definition, Inclusion and Exclusion

This provision under the Income tax act gives the definition of capital asset, what must be considered under capital asset and what must not be considered under capital asset. Capital Assets are not distinguished between personal or business both are considered as capital Asset b According to the provision capital asset means property which held by a person whether the asset is related to the business or the asset is a personal property. It includes all kinds of property whether movable or immovable, tangible or intangible, fixed or floating. Thus plant & Machinery,

article author CA Chirag Chauhan

Posted On:  2 years ago


How to Audit Expenses?

Every business requires auditing procedures to assess financial health. Expenses can be considered as anything that the company pays money for in return for income. These can be contractual expenses such as rent, invoiced expenses such as the cost of supplies or reimbursable expenses such as travel charges incurred by an employee. Audit procedures are designed to evaluate these expenses to make sure they are necessary and in line with internal policies.......

article author CA Nikesh Sheth