Tax planning: Time to rush


If your employer’s deadline has passed, you can still claim deductions while filing Income Tax returns you can also consult to chartered accountant in  new delhi.

With March 31 approaching fast, most employees should ideally have given all their tax planning proof to their respective companies.

If you have still not done so, it’s time to rush.There are some key documents you need to submit as soon as possible.

If your employer is still accepting documents you will be able to claim reimbursements such as leave travel allowance, medical and telephone.

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Guidance Note on Accounting for Depreciation in Companies

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The council of the institute of Chartered Accountants of India has issued accounting standard (AS) 6 on ‘Depreciation Accounting’. This standard lays down general principles of accounting for depreciation applicable to all entities. As such, the Standard is applicable to companies also in matters where there are no specific requirements under the companies Act. AS 6 also provides that the statue governing an enterprise may provide the basis for computation of depreciation. In such a situation, the requirements of the statue have to be complied with. Thus, in case of companies, section 205 and 350 of the Companies Act, 1956, which govern provisions regarding charge of depreciation for the purpose of payment of dividends and computation of managerial remuneration, respectively, provide the basis for computation of depreciation, the Companies (Amendment) Act, 1988 has amended section 350, as a consequence to which rates of depreciation prescribed in Income-tax. Risk advisory services in India.