Foreign Contribution Regulation Act and Rules, 1976 In India, the purpose and the amount of foreign donation is under the regulation of the FCRA (Foreign Contribution Regulation Act, 1976). 44 Government of India, Ministry of Finance, Department of Economic Affairs, PMU Division. Circular No. F.No. 1/30/2003-PMU dated the 4th of January 2005 Foreign Contribution (Regulation) … Read more
Section 194R TDS: Applicability as per Income Tax Act
EXPENSES OR PAYMENTS NOT DEDUCTIBLE IN CERTAIN CIRCUMSTANCES [SECTION 40A] (1) Payments to relatives and associates Section 40A (2) provides that where the assessee incurs any expenditure in respect of which a payment has been or is to be made to a specified person [See column (2) of Table below) so much of the expenditure … Read more
(1) Maintain the books of account and other documents by notified profession [Section 44AA(1)]: This section provides that every person carrying on the legal, medical, engineering or architectural profession or accountancy or technical consultancy or interior decoration or any other profession as has been notified by the CBDT in the official gazette must … Read more
The various items of income chargeable to tax as income under the head ‘profits and gains of business or profession’ are as under: (1) Income from business, profession, or vocation: Income arising to any person by way of profits and gains from the business or profession carried on by him at any time … Read more
The notified ICDSs have to be followed by all assessees (other than an individual or an undivided Hindu family who is not required to get his accounts of the previous year audited in accordance with the provisions of section 44AB) following the mercantile system of accounting, for the purposes of computation of income chargeable … Read more
A. This Guidance Note covers assurance engagements other than audits or reviews of historical financial information, as described in the Framework for Assurance Engagements (Assurance Framework) issued by the ICAI. This Guidance Note does not apply to assurance engagements for which subject-specific Standards on Assurance Engagements have been issued by the ICAI. Not all … Read more