A company can't appoint or re-appointment an individual as director unless he has been allotted a director identification number or DIN from the government. You are required to compulsorily quote your director identification number in each e-form filed with the registrar of companies and in all such documents that you sign as a director. As per section 153 of companies act, … [Read more...] about How to get Director Identification Number or DIN
Archives for July 2013
Section 24 – Deduction from income from house property
Under section 24, tax deduction from annual value of house property is available while calculating income from house property. Only two types of tax deductions are allowed under section 24 of income tax act; Standard Deduction Interest on borrowed capital The list presented in section 24 is an exhaustive list and no other deductions are allowed from “income from house … [Read more...] about Section 24 – Deduction from income from house property
Overview of SAP Modules
Sap Modules are based on the functional area and technical area of work. Even SAP has delivered standard SAP Modules related to specific industries such as real estate and banking etc. Sap modules can be broadly divided into two categories; Functional Modules Technical Modules … [Read more...] about Overview of SAP Modules
Gross Annual Value of your House Property – Income Chargeable Under the head income from house property
For the purpose of calculating the taxable amount of house rent, we have to first derive the gross annual value of the property. Gross Annual value will be derived as follows; Derive the expected rent for your house property To derive the expected rent of your house property you need to follow the following steps; Calculate the Municipal and Fair Value of the … [Read more...] about Gross Annual Value of your House Property – Income Chargeable Under the head income from house property
Income from House Property – Tax Calculation for your house rent
Rent received as a legal owner from your owned building is taxable under the head “house property”. If you have a land which is attached or situated in the vicinity of your building then rent received from such land will also become part of the building rent and will be taxable along with your rent income. If you have a vacant land or a plot and you have received rent out of … [Read more...] about Income from House Property – Tax Calculation for your house rent
Unrealised Rent in House Property Income
Unrealised rent is the portion of your house rent amount which is not realised from the tenant fro some reason. While deriving actual rent received or receivable for the purpose of calculating gross annual value, the unrealised rent has to be deducted from it. Unrelaised rent will be allowed to be excluded from the rent received only when following conditions are … [Read more...] about Unrealised Rent in House Property Income
Joining bonus – Income tax liability for receiving joining bonus
Joining bonus is an amount paid to a new employee by a company as an incentive to join them. Normally employer pays a lump sum amount at the time of joining to lure experienced peoples from the competition. According to income tax act, joining bonus will be treated as profit in lieu of salary and will be taxable in the hands of the employee who receive it. When you receive … [Read more...] about Joining bonus – Income tax liability for receiving joining bonus
Income Tax Liability On Your Education Allowance
Any education allowance you received for your children will be exempted to the extent of following; Rs. 100 per month per child up to a maximum of 2 children to meet the cost of education and Rs. 300 per month per child up to a maximum of 2 children as hostel expenditure. If you have twins after the first child then you will be eligible for all of your three children … [Read more...] about Income Tax Liability On Your Education Allowance
How to maintain controlling area in SAP
Controlling area in SAP CO module is a central organizational unit under which all the internal reporting takes place. In SAP you can use transaction code OKKP to define CO area or you can use following path to maintain it. Path for Creation : SPRO > IMG > Controlling > Organisation > Maintain Controlling Area You have two options for creating CO … [Read more...] about How to maintain controlling area in SAP
How field status managed in general ledger Account master
Field status from the account group creation screen enables you to manage the display and maintenance of a general ledger account master. The company code segment of a general ledger is managed by the type of account group you select on the chart of account segment. For example if you have created an account group as “Expenses Account” and this account group is selected while … [Read more...] about How field status managed in general ledger Account master