What is difference between Section 44B and section 172 of the Income Tax Act with respect to the business of Shipping Operation???

1.      While there is no specific distinction, it can be inferred that Section 44B is a special provision for computing profits and gains of an FSC engaged in 'regular' shipping business in India, while section 172 deals with taxation of an FSC engaged on "occasional" shipping business basis in India.

देने वाला कौन ? आपको सिर्फ परमात्मा ने निमित्त मात्र बनाया हैं

हमने भंडारे में भोजन करवाया। आज हमने ये बांटा, आज हमने वो दान किया...
हम अक्सर ऐसा कहते और मानते हैं। इसी से सम्बंधित एक अविस्मरणीय कथा सुनिए...

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Change in definition of MSME Enterprise and relaxations under MSME Act

Change in criteria of unit under MSME Act

Union Ministry of Micro, Small and Medium Enterprises (M/o MSMEs) has issued Gazette notification to pave way for implementation of the upward revision in the definition and criteria of MSMEs in the country.

Clarification in respect of residency under section 6 of the Income-tax Act, 1961.

Section 6 of the Income-tax Act, 1961 (the Act) contains provisions relating to determination of residency of a person. The status of an individual, as to whether he is resident in India or a non-resident or not ordinarily resident, is dependent, inter-alia, on the period for which the person is in India during a previous year or years preceding the previous year.

New procedure for registration, approval, etc. of certain entities deferred to 1st October, 2020

In view of the unprecedented humanitarian and economic crisis, the CBDT has decided that the implementation of new procedure for approval/ registration/notification of certain entities shall be deferred to 1st October, 2020. Accordingly, the entities approved/ registered/ notified under section 10(23C), 12AA, 35 and 80G of the Income-tax Act, 1961 (the Act) would be required to file intimation within three months from 1st October, 2020, i.e, by 31st December, 2020. Further, the amended procedure for approval/ registration/ notification of new entities shall also apply from 1st  October, 2020.

सुंदर कान्ड में सफलता के सूत्र- भाग ३

राम काजु करि फिरि मैं आवौं।सीता कइ सुधि प्रभुहि सुनावौं।।
तब तव बदन पैठिहउँ आई। सत्य कहउँ मोहि जान दे माई।।
कबनेहुँ जतन देइ नहिं जाना। ग्रससि न मोहि कहेउ हनुमाना।।
जोजन भरि तेहिं बदनु पसारा।कपि तनु कीन्ह दुगुन बिस्तारा।।
सोरह जोजन मुख तेहिं ठयऊ। तुरत पवनसुत बत्तिस भयऊ।।

Government may double income tax exemption limit from Rs 2.5 lakh to Rs 5 lakh

Currently, income up to Rs 2.5 lakh is exempt from personal income tax. Income between Rs 2.5-5 lakh attracts 5 percent tax , while that between Rs 5-10 lakh is levied with 20 percent tax. Income above Rs 10 lakh is taxed at 30 percent. Rs 5 lakh exemption is only applicable to individuals of over 80 years.
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Entire law on accountability of public officials

Entire law on accountability of public officials for acts of omission and commission explained. Customs officials directed to pay costs of Rs. 14 lakh + interest @ 9% p.a. from personal account & to face disciplinary action for “high-handedness”, arbitrariness” and seeking to “hoodwink” Court.

Source:-
http://itatonline.org/archives/ms-overseas-enterprises-vs-uoi-patna-high-court-entire-law-on-accountability-of-public-officials-for-acts-of-omission-and-commission-explained-customs-officials-directed-to-pay-costs-of-rs-14-lakh/

What is exit Load if I invest in mutual Fund??

Mutual funds companies collect an amount from investors when they join or leave a scheme. Fee charged to join or leave a scheme is generally referred to as a 'load'.

Exit load is a fee or an amount charged from an investor for exiting or leaving a scheme.

Quarterly Revision of Interest Rates for Small Savings Schemes

Quarterly Revision of Interest Rates for Small Savings Schemes

On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly, the rates of interest on various small savings schemes for the second quarter of financial year 2016-17, on the basis of the interest compounding/payment built-in in the schemes, shall be as under: