<p>An Act to interpret other Acts or you can also call it Law for all the Laws.</p><p><br></p><p>This Act helps in understanding/interpretating other Acts in India.</p><p><br></p><p>It helps in saving time of draftsman of an Act by putting few assumptions in place in this Act.</p><p><br></p><p>Some definitions/details missing in other Act can take reference of this Act. Also, it talks about life and death of Acts i.e. effects/process of commencement and repeal/eradication of any Act in India.</p>

<p>No, from 31st March, 2018 you can not file ITR for previous years.</p><p><br></p><p>What you can do is contact your Assessing officer of your jurisdiction and ask him if you can manually file your returns, and the reason for that.</p><p><br></p><p>If he agrees, you can submit your return to the AO manually, and the return would be processed accordingly.</p>

<p>&nbsp;<span style="color: rgb(34, 34, 34);">According to the cardinal rule of construction, words must be given their ordinary, literal, grammatical&nbsp;</span><strong style="color: rgb(34, 34, 34);">meaning</strong><span style="color: rgb(34, 34, 34);">. The literal&nbsp;</span><strong style="color: rgb(34, 34, 34);">rule</strong><span style="color: rgb(34, 34, 34);">&nbsp;is the first&nbsp;</span><strong style="color: rgb(34, 34, 34);">rule</strong><span style="color: rgb(34, 34, 34);">&nbsp;to be used in establishing the intention of the legislature. This&nbsp;</span><strong style="color: rgb(34, 34, 34);">rule</strong><span style="color: rgb(34, 34, 34);">&nbsp;comes directly from the English&nbsp;</span><strong style="color: rgb(34, 34, 34);">law</strong><span style="color: rgb(34, 34, 34);">.</span></p>

<p>If the demand for the products or services are fluctuating in nature, it may cause the company either <span style="color: rgb(53, 53, 53);">idle capacity or over-worked capacities. In order to stablise this situation, organisation has to make the strategy. S</span>ynchro-marketing can be used to find ways to alter the pattern of demand so that it equates more suitably with the pattern of supply. It can be done through flexible pricing, promotion, and other incentives.</p>

<p><strong>Divestment </strong>strategy involves the sale or liquidation of a portion of business, or a major division, profit centre or SBU.The Liquidation Strategy is the most unpleasant strategy adopted by the organization that includes selling off its assets and the final closure or winding up of the business operations. The option of a turnaround may even be ignored if it is obvious that divestment is the only answer.&nbsp;</p><p><strong>Liquidation </strong>as a form of retrenchment strategy is considered as the most extreme and unattractive. It involves closing down a firm and selling its assets. It is considered as the last resort because it leads to serious consequences such as loss of employment for workers and other employees, termination of opportunities a firm could pursue, and the stigma of failure</p>

<p>The scope of audit is extended to <span style="color: rgb(53, 53, 53);">to cover efficiency, economy and effectiveness audit or performance audit, or full scope audit.</span></p><p>Efficiency audit looks into whether the various schemes/projects are executed and their operations conducted economically and whether they are yielding the results expected of them, i.e., the relationship between goods and services produced and resources used to produce them; and examination aimed to find out the extent to which operations are carried out in an economical and efficient manner.</p><p>Economy audit looks into whether the entity has acquired the financial, human and physical resources in an economical manner, and whether the sanctioning and spending authorities have observed economy.</p><p>Effectiveness audit is an appraisal of the performance of programmes, schemes, projects with reference to the overall targeted objectives as well as efficiency of the means adopted for the attainment of the objectives. </p><p>Efficiency-cum-performance audit, wherever used, is an objective examination of the financial and operational performance of an organisation, programme, authority or function and is oriented towards identifying opportunities for greater economy and effectiveness. </p><p>The procedure for conducting performance audit covers identification of topic, preliminary study, planning and execution of audit, and reporting. Normally speaking, the performance audit is conducted by the government in respect of various expenditure incurred.</p><p>While the trend towards a comprehensive approach for conducting performance of full scope audit is visible, the coverage and depth of evaluation vary according to the statutory limitations, and the organisational constraints of C&amp;AG.</p>

<p>The basic features of a TPS can be broadly classified into 4 categories.</p><p>Access Control</p><p>TPS are secure and can only be accessed by authorized persons. Usually a user has to login using his credentials to use this system. And only the information relevant to that user is shown to him. This ensures safeguard of information and prevents its misuse. Eg: ATM machine.</p><p>Equivalence</p><p>The Pattern of a TPS uses a single format to record all transactions. This includes same format, same fields for providing information. This uniformity of data is the key feature of TPS, due to which comparison and analysis of data is made easier. Eg. Flipkart asks all the users the same information like name, delivery address and payment information on its checkout page.</p><p>High Volume Rapid Processing</p><p>The nature of a TPS is such that hundreds of transactions made are recorded simultaneously by the system. Transactions are recorded as and when they are completed and more than one user can work simultaneously on this system without any hassles. Eg: a single system handles all the ATM machines of all the banks under VISA, SCT and mastercards etc.</p><p>Trustworthiness</p><p>The system performs several checks to maintain the integrity of the data. Data integrity means that the data is both complete and accurate. Eg: * marked fields in an online forms need to be filled, the phone no. field input can not exceed 10 digits, the correct pin needs to be entered to complete the transaction etc.</p>

<p>I hope this was the answer you were looking for.</p><p>C form is normally issued in case of interstate sales. Interstate means that the goods physically move from one state to another. Ergo, consignor and consignee should be of different states.</p><p>C form can be issued even if the consignor and consignee are in the same state, however, it is necessary that the goods move from one state to another. Section 3a and 3b of the CST act deals with this issue, you can check it out for further reference.</p>

<p>There is nothing to worry. This is normal SMS sent by income tax department in order to encourage assesses to voluntarily disclose their income and other details to the income tax department.</p>

<p>Since the possession of house was handed over in 2008, capital gain shall arise in 2008.</p><p>Execution of transfer deed in 2015 does not have any value for the calculation of capital gain.</p><p>Yes, section 50C may apply but he has to prove with documents that transaction has taken place at that value. </p>

Yes, you have to pay tax on your income from vegetables. It is recommended that, it would be beneficial to open other forms of business i.e. proprietorship than company.

You might be thinking since you bought it for 50L you should pay taxes on 50L. But the law doesnt work that way. In the eyes of the law, it doesnt see a property of 90L being sold in 50L, it sees a property of 90L sold At 90L, 50 L as payment 40L as gift by seller to buyer. Now, since you received the gift from a non relative, you will have to pay tax on Rs 40L. However, if you show this amount as loan in a prior agreement, you dont need to pay any taxes on such loan.

As per Income Tax Act payment of Interest on home loan is allowed as a deduction under Section 24. Therefore, the Income from House Property shall be reduced by the amount of Interest paid on Home Loan. Section 80EE provides the additional Deduction of Rs. 50,000 for Interest on Home Loan in addition to the deduction available under sections 24 and 80C. Deduction under Section 80EE woud be available only on the fulfillment of following conditions. a. This deduction would be allowed only if the value of the property purchased is less than Rs. 50 Lakhs and the value of loan taken is less than Rs. 35 Lakhs. b. The loan should be sanctioned between 1st April 2016 and 31st March 2017. c. The benefit of this deduction would be available till the time the repayment of the loan continues. d. This Deduction would be available from Financial Year 2016-17 onwards.

Hi If you have paid any amount before receiving the letter of allotment, then the date of such allotment will be considered as the date of acquisition for the purpose of tax implications. So, your apartment, in this case, shall become a long-term capital asset. As regards taxability, the indexation for FY 2008/09 is 137, whereas for 2017/18 it is 272. So, your Indexed cost of acquisition becomes: ICOA = 65 lakhs *(272/137) which equals to Rs 1,29,05,110. And you want it to sell it for Rs 95,00,000. So instead of gains, you will incur losses of Rs 34,05,110. And it goes without saying, you don't have to pay income tax if you haven't earned any income.

A gift from blood relative i.e grandfather to grandson is exempt from Income tax. Just prepare a gift deed to that effect and you are all set

The interest received by you will be taxable as Income From Other Sources in your hands. You will have to pay tax on said receipt as per your slab rate...Hope it helps

Article 265 is the basis for taxation in India…. It embodies an important constitutional principle... It states that no tax shall be levied or collected except by the authority of law.

Following records are not required to be maintained by a supplier who hasopted for composition scheme :(I) Stock of goods: Accounts of stock in respect of goods received and supplied by him, and such accounts shall contain particulars of the opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free sample and the balance of stock including raw materials, finished goods, scrap and wastage thereof. (II) Details of tax: Account, containing the details of tax payable (including tax payable under reverse charge), tax collected and paid, input tax, input tax credit claimed, together with a register of tax invoice, credit notes, debit notes, delivery challan issued or received during any tax period.

A registered person paying tax under the provisions of section 10[composition levy] shall issue, instead of a tax invoice, a bill of supplycontaining such particulars and in such manner as may be prescribed [Section 31(3)(c) read with CGST Rules, 2017]. Therefore, in the given case, Shyam Fabrics cannot issue tax invoice. Instead, it shall issue a Bill of Supply.

Following advantages will accrue :• Legally recognized as supplier of goods or services. • Proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST due on supply of goods or services or both by the business. • Legally authorized to collect tax from his purchasers and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients. • Become eligible to avail various other benefits and privileges rendered under the GST laws.

Yes, E-way bill is required for the movement of goods if the value of such goods exceed 50,000

There are 2 aspects of NCD: One is interest and second one is principal repayment.. Let's discuss both of these individually... First interest is taxable as per method of accounting followed by you...If you follow mercantile system of accounting, then interest will be taxable on accrual basis.... On the flip side, if you follow cash basis of accounting, interest will be taxable on receipt basis.... Now coming to principal repayment...NCD will be subject to LTCG if sold after a period of 1 year from the date of acquisition...Rate of LTCG is 10% without indexation benefit... However, if NCD is sold within a year, then gain on sale will be STCG which will be taxable as per slab rate... Hope it helps...

Interest received will be taxable as income from other sources...It will be taxable either on accrual basis or on cash basis based on method of accounting regularly followed by you...Now coming to capital gain aspect...If NCD is sold within 1 year from date of acquisition, then there will be STCG...If sold post 1 year, then there will be LTCG...STCG will be taxable as per slab rate...LTCG will be taxable @10% without indexation....Hope it helps..

A company shall maintain its books of accounts in order for 8 years

If your employer pays on your behalf to NPS upto 10% of your basic, then your taxable salary will get reduced by that amount....So in your case you can tell your employer to deposit 10% of 2000000 ie 200000 to NPS account and reduce your taxable allowance to that extent...You will get deduction of 200000 deposited to NPS account by the employer... Further you can also additionally invest Rs 50,000 to NPS and claim deduction under Section 80CCD (1B) of the Income Tax Act...

<p>&nbsp;Income derived from the sale of coffee grown and cured by the seller in India shall be computed as if it were income derived from business.&nbsp;</p><p>75% of such income shall be treated as an agriculture income and balance of 25% shall be deemed to be business income and chargeable to income tax.</p>