CBIC launches e-app for internal file handling
In the process of digitalization of tax system, the CBDT has gone miles through its e-filing portal where the....
COTMA welcomes GST announcements made for MSMEs
The current Covid-19 conditions have led to unprecedented decline in the economy. Worst hit is the MSME sector....
ASIAN STOCK MARKETS TUMBLES ON MONDAY
Asian shares stumbled on Monday and oil prices slipped as fears of a second wave of corona virus infections in....
Conversion of stock in trade into capital asset
Conversion of stock in trade into asset to be used for business purposes: [Explanation-1 to Section 43(1)]....
Fair Market Value of asset under Rule-11UAB
Fair Market Value of inventory under Income Tax Role of Rule-11UAB comes into play where an assessee conver....
Actual Cost for charging depreciation under Income Tax
HOW TO CALCULATE “ACTUAL COST” FOR THE PURPOSE OF “BLOCK OF ASSETS” Section-43(1) o....
Written Down Value for Income Tax Purposes
For the purpose of ascertaining depreciation under Income Tax Act, it is first necessary to ascertain written....
What is Block of Assets
What is Block of Assets for Income Tax Block of Asset [Section-2(11)] “Block of Assets means a gro....
DEPRECIATION RATES UNDER INCOME TAX ACT (AY 2020-21 & Onwards)
Rates of depreciation as prescribed by the Income Tax Act Blo....
Cost Inflation Index for Long Term Capital Gain
COST INFLATION INDEX Cost Inflation Index (CII) is used to calculate inflation adjusted purchase cost of....