: For Finance Professionals & Students

Monthly Archives: October 2014

Bai shrinbai k.Kooka(SC)

There is no transfer involved when an assesses converts a capital assets into stock in trade of the business carried on by him. The act of conversion is similar to taking out the money from on pocket and keeping the same in the other pocket of the same person.

The above judgment has been overruled w.e.f.Assessment year 1985-86 by an amendment in section 2(47) and section 45(2)

Through life Insurance Policies individuals and HUF can save major tax .Lots of major changes have done in Section 194DA on payment of premiums which can be easily understand through below article.Amendments to section 80C – Tax Effect on Life Insurance Policies:-While claiming deduction U/s. 80C for Premium paid life insurance policies, exemption amount is restricted to the as below on percentage of Capital Sum Assured:

For determining the taxability of the income residential status must be seen first.

because the taxability of income depends upon the residential status of person.

Following is the situations when the taxability of income depends on the status of person

First:- what is the residential status of the person as per the Income-tax Act 1961.and the second is the nature of income he/she earned.

Here I am discussing about to prepare financial reporting subject for ca final .

As you are going to fight with ca final examination in November 2014, Financial reporting is the best scoring subject if you prepare with trick ,We have to study and understand as it is going to be part of our day to day life after being Chartered Accountant. ICAI is also expect expertise knowledge in this subject .

10th October 2014 -​Due date for deposit of Tax deducted/collected during the month of September, 2014
10th October 2014 -​ Due date for deposit of TDS for the period July 2014 to September 2014 when Assessing Officer has permitted quarterly deposit of TDS.
15 October 2014 -​Quarterly statement of TDS/TCS deposited for the quarter ending September 2014

© 2014, all rights reserved at