The term accounting refers to the process of recording the financial transactions of the company .
The term accounting refers to the process of recording the financial transactions of the company .
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No, a divorced wife can not claim for family pension as she loses the status of a legally wedded wife. However, the legitimate child/children from a divorced wife shall be entitled to the share of family pension which the mother would have received at the time of death of her husband had she not beeRead more
No, a divorced wife can not claim for family pension as she loses the status of a legally wedded wife. However, the legitimate child/children from a divorced wife shall be entitled to the share of family pension which the mother would have received at the time of death of her husband had she not been divorced.
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CA Vishnu RamEnlightened
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Hi, Pension received by a family member is taxed under the head “income from other sources”. It is taxed in the hands of the receiver. Commuted Pension i.e lump sum amount of pension is not taxable. uncommuted pension received by a family member is exempt to a certain extent. Rs. 15,000 or 1/3rd ofRead more
Hi,
Pension received by a family member is taxed under the head “income from other sources”. It is taxed in the hands of the receiver.
- Commuted Pension i.e lump sum amount of pension is not taxable.
- uncommuted pension received by a family member is exempt to a certain extent. Rs. 15,000 or 1/3rd of the uncommuted pension received – whichever is less is exempt from tax.
For example – If a family member receives a pension of Rs 1,00,000 during the year then the exemption available is least of – Rs 15,000 or Rs 33,333 (1/3rd of Rs 1,00,000). Thus the taxable family pension will beRs.85,000 (Rs 1,00,000 – Rs 15,000)
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CA Sanjiv KumarEnlightened
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GST registration is required for Charitable Trust running medical store to give medicines without profit. Since charitable Trust is running a medical store, and selling medicines to customers at a lower rate with no profit, sale of medicine by Trust would be a taxable supply of goods; aggregate turnRead more
GST registration is required for Charitable Trust running medical store to give medicines without profit.
Since charitable Trust is running a medical store, and selling medicines to customers at a lower rate with no profit, sale of medicine by Trust would be a taxable supply of goods; aggregate turnover exceeding threshold limit, Trust would have to obtain registration
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CA Vishnu RamEnlightened
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interest earned on account of funds borrowed for specific purpose shall not be taxed but interest received on investment of surplus funds is taxable in other income. In the matter of HP Power Transmission Corporation Ltd Vs DCIT, ITAT gave order. Assessee company HP Power Transmission Corporation LRead more
interest earned on account of funds borrowed for specific purpose shall not be taxed but interest received on investment of surplus funds is taxable in other income.
In the matter of HP Power Transmission Corporation Ltd Vs DCIT, ITAT gave order.
Assessee company HP Power Transmission Corporation Limited (HPPTCL), a Government undertaking, was yet to start commercial operation. As per details of “Other income”, assessee had earned interest on bank deposit during period relevant to AY. Interest was earned on surplus funds available with assessee company but it was not offered for taxation. AO rejected assessee’s submission in that regard and interest was assessed to tax in hands of assessee as ‘income from other sources”. As CIT (A) upheld AO’s order, assessee filed present appeals. Both AO and CIT (A) had held that issue had been decided against assessee by ITAT in preceding years and facts of relevant AY were not different from preceding AYs.
On Appeal, ITAT held that,
Whether interest earned on account of funds borrowed for specific purpose can be taxed – NO: ITAT.
Regarding interest income earned, the relevant fact was nature and composition of interest income earned, i.e, surplus funds and specific purpose funds and not factum of loan. For earlier AY in assessee’s case, when interest was earned by assessee on surplus funds available with it, issue was decided against assessee. For AY in case of HP Power Corporation, assessee had borrowed certain amount from Asian Development Bank (ADB) for specific project and on account of delay in project, parked the amount in temporary investments in FDRs. Interest earned thereon was held by ITAT to be not taxable. Thus, facts during the year were partly different with funds having been borrowed for specific purpose and parked in FDRs as temporary investments on account of delay in project. Thus, distinction in facts in the aforestated two orders was that while in case of assessee in earlier years, interest was found to be earned on surplus funds and hence held taxable, in case of HP Power corporation, interest was earned on specific purpose funds deposited in FDRs on account of delay in execution of projects and therefore, held not taxable. It was thus held that interest received to extent of ADB loan parked in investments in FDRs was not revenue in nature and not liable to be taxed under the head “income from other sources”.
- ITA No. 789/Chd/2019
- ITA No. 790/Chd/2019
Ramesh SharmaEnlightened
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Here the relationship of employer and employee exists between the seconded employee and subsidiary Company and thus the same is out of the meaning of service. Accordingly GST is not leviable on secondment of employees. In a similar case, Comm. Appeal Jaipur EXCISEST/VAT held that no Service Tax wouRead more
Here the relationship of employer and employee exists between the seconded employee and subsidiary Company and thus the same is out of the meaning of service.
Accordingly GST is not leviable on secondment of employees.
In a similar case, Comm. Appeal Jaipur EXCISEST/VAT held that no Service Tax would be levied on reimbursement made by the Indian Company to its parent company for employee secondment. It was held that there exists an employer and employee relationship between the seconded employee and Indian Company and thus the same is out of the meaning of service as defined under section 65B(44) of the Finance Act, 1994 and thus not exigible to Service Tax. Please refer below case laws
Imasen Manufacturing India (P.) Ltd.
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[2021] 128 taxmann.com 255 (Commissioner Appeals – GST- Rajasthan)
Luca Pacioli is regarded as the Father of Accounting. He published the first book on double-entry accounting in 1494. While Friar Luca is regarded as the "Father of Accounting," he did not invent the system. Instead, he simply described a method used by merchants in Venice during the Italian RenaissRead more
Luca Pacioli is regarded as the Father of Accounting. He published the first book on double-entry accounting in 1494. While Friar Luca is regarded as the “Father of Accounting,” he did not invent the system. Instead, he simply described a method used by merchants in Venice during the Italian Renaissance period. His system included most of the accounting cycle as we know it today. The first accounting book actually was one of five sections in Pacioli’s mathematics book, titled Summa de Arithmetica, Geometria, Proportioni et Proportionalita (Everything About Arithmetic, Geometry and Proportions).
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