In income tax act, capital gains are taxed upon transfer of capital assets. Capital assets are defined in Section 2(14) of Income Tax Act, 1961. The concept of transfer is discussed in definition of transfer under section 2(47). Capital gains...

Many pharmaceutical companies have a strategy to distribute their promotional materials to various medical practitioners. These include small quantities of medications given to doctors by pharmaceutical companies to be provided to patients, branded...

While computing income for the source of income from business and profession, certain expenses are allowed as deduction from such incomes or receipts. While doing accounting of such businesses expenses are recorded on accrual or receipts whichever...

A tax audit involves an expression of the tax auditor's opinion on the truth and correctness of certain factual details, furnished by the assessee to the Income Tax Authorities. This is done to ascertain the correctness of details of income as...