Income of Charitable Trusts
A charitable trust is a non-profit organization which is established for the purpose of betterment of society in general or to support a specific section of the society. Upliftment of such sections of the society is general motive of the charitable trusts. Keeping in...What is transfer in Capital Gains
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 arises where a capital...No deduction for expenditure on Freebies given to doctors by Pharmaceutical Companies
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 pens, notepads,...Deduction of expenses for businesses on payment basis only
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 is earlier. Income...
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