Articles by antonyjoshua


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Cost Inflation Index – Capital Gain

Know the Cost inflation index rate for the calculation of capital gain in India updated till 2017. we have prepared a cost inflation chart as notified by the central government in this regard.

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Origin and Journey of the Companies Act in India

Company’s legislation in India owes its origin to The English Company’s law. The First law regulating the companies took its birth in 1850 as The Joint Stock Companies Act modeled on the British Companies Act of 1844. The principle of limited liability was not incorporated in this act, though the concept of separate legal entity…

Sections of the Income Tax Act 1961

The Following contains the List of Section under the Income Tax Act, 1961 Sections of the Income Tax Act, 1961 CHAPTER – I PRELIMINARY 1 Short title, extent and commencement 2 Definitions 3 “Previous year” defined CHAPTER – II BASIS OF CHARGE 4 Charge of income-tax 5 Scope of total income 5A Apportionment of income…

Capital Gain Tax in India – When you need to Pay

An Infographic explaining When you need to Pay Capital Gain Tax in India. STCA – Short Term Capital Asset LTCA – Long Term Capital Asset STCG – Short Term Capital Gain LTCG – Long Term Capital Gain HP – Holding Period  

Bank Audit – Major Points to be Considered

Break Even Date for NPA is 01.01.2013 for the year 2012-2013 Auditor Report should be in New Format (Download New Audit Report Format). Banks may not sent new format in their Guidelines for the year 2012-13. Once an account has been classified as NPA, all the facilities granted to the borrower will be treated as…

Revise Income Tax Return Filed Earlier – What you need to Know

Contents Introduction Time Period to Revise the Income Tax Return Filing Revised Return Revised Return – Important Points to be Noted FAQ’s on Revised Return If an assessee has filed the original or first return before the due date, then he may revise the original return. In case of revising the original return, the assessee…

Bank Audit Report New Format–Illustrative

The New Auditor’s Report Format for Bank Audits as Given is SA700 Forming an Opinion and Reporting on Financial Statements has been given for preview and Download. You can Download the File at the End of the article. An Illustrative Format of Report of the Auditor of a Nationalised Bank To The Statutory Central Auditors…

Depreciation Rates under the Income Tax Act

Depreciation rates are prescribed in the Income Tax Act to calculate depreciation deductible from the Total Income. Depreciation under Income Tax can be claimed only by assessees who has Income From Business/Profession. Depreciation Rate Chart – Quick View Download Depreciation Rate Chart Depreciation Rate as prescribed by the Income Tax Act Depreciation Rate Chart –…

New Auditor’s Report Format as Per SA700 Revised

The New Auditor’s Report Format as Given is SA700 Forming an Opinion and Reporting on Financial Statements has been given for preview and Download. You can Download the File at the End of the article. Sample Preview Independent Auditor’s Report To the Members of ABC Company Limited. We have audited the accompanying financial statements of…

Income Tax Slabs and Rate Chart for AY 2014-15 FY 2013-14

For the Financial 2013 – 2014, the basic exemption limit has not been increased and the Finance Minister explains why.. No case to revise either the slabs or the rates of Personal Income Tax. Even a moderate increase in the threshold exemption will put hundreds of thousands of Tax Payers outside Tax Net. However  there…