by CA Chinmay Shirish Agate | Jul 4, 2024 | Taxation
Under mercantile system of accounting which is also called as accrual system of accounting, incomes and expenses are recorded in the books of accounts as and when they are earned or incurred. This is regardless of the fact that whether they are actually received or...
by CA Chinmay Shirish Agate | Jul 3, 2024 | Taxation
It is quite often that people from one nation travels abroad to work and earn good amount of income. However, travelling to foreign countries and earning there gets them into certain tax compliances. Indian provisions of income tax also include NRIs and people earning...
by CA Chinmay Shirish Agate | Jul 2, 2024 | Taxation
There are certain transactions where profits and losses occur during the process. Profits however are taxable in the eyes of Income tax but losses provide certain benefits to the assessees. These benefits are available to individuals as well as businesses. Set off is...
by CA Chinmay Shirish Agate | Jul 1, 2024 | Taxation
House rent allowance (HRA) is a component of salary provided by employer to his employee, keeping in mind that employee has to bear cost of rental expenses. Salaried individuals who live in a rented house can claim this exemption and save their taxes. Taxability of...
by CA Chinmay Shirish Agate | May 25, 2024 | Taxation
Majority population of our country is the hardworking class of people who are under employment of some or the other organisation. They render their services to their employers in return for a consideration in the form of salary. There exists a formal employer employee...
by CA Chinmay Shirish Agate | May 22, 2024 | Taxation
Depreciation means reduction in the value of a particular asset due to wear and tear process. Depreciation is calculated by using two methods which are i) SLM i.e. Straight Lime Method or ii) WDV i.e. Written Down Method Income tax allows using of WDV method for...
Recent Comments