As we know service tax is indirect tax, the liability to pay tax in case of indirect tax is of service provider. So the primary liability to pay the service tax to the government in is of service provider, it is called normal charge. When a service … [Read more...]
OMR BASED EXAMINATION CS EXECUTIVE PROGRAMME
The ICSI has now introduced OMR based Examination CS Executive Programme for the following 3 subjects of the CS Executive Level wherein students are required expected to have working knowledge. This is applicable with effect from December, 2015 CS … [Read more...]
SEVEN USEFUL EXCEL FUNCTIONS FOR AN ACCOUNTANT
I have tried to cover most of the important functions needed for data processing & presentation. So here are seven useful excel functions for an Accountant 1. ABSOLUTE FUNCTION We always use to copy and paste cells containing formulas. But … [Read more...]
INCOME TAX RELIEF FOR SALARY ARREARS
Concept of Relief under section 89 1.Applicability for claiming Relief under section 89 The employee’s salary is paid in arrears or in advance, and he receives salary for more than 12 months in one financial year, or, He is in receipt of … [Read more...]
TAX TREATMENT OF ACCOMMODATION FACILITY PROVIDED BY THE EMPLOYER
With booming salary packages, Indian corporate have also started proving accommodation facility to their top level executives. It is a perquisites as per Income Tax Act, 1961. Let us understand the tax of it. Relevant terms: a. Accommodation … [Read more...]
ANALYSIS OF SECTION 80C DEDUCTION
Section 80C deduction is best source of tax planning, which also motivates individuals to save for the future. In the recent Budget 2015, the limit has been enhanced to Rs. 1,50,000/- from Rs. 1,00,000. Section 80C deduction offers large number of … [Read more...]