It’s not written anywhere in the Income Tax Act in a single line that “Tax on sale of under-construction property before possession will be treated like this.” But the law gives us enough clues to piece it together. Booked a flat that’s still under construction and now you want to sell before possession? The tax … Read more
If you trade in Futures & Options (F&O), you’ve probably heard the term “Turnover” thrown around when filing your ITR. Here’s the problem: turnover in F&O has nothing to do with the “Sales” figure you see in your broker’s report. And unlike a shopkeeper, you don’t need to prepare a Trading Account.In this article, we’ll … Read more
If you’re preparing financial statements for non-corporate entities – whether a partnership firm, a sole proprietorship, or a trust – you’ve probably faced the chaos of building Notes to Accounts manually. especially according to the Guidance Note on Financial Statements of Non-Corporate Entities. From classifying ledgers under ICAI heads and subheads, to formatting tables that … Read more