Commerce Optional (UPSC-IAS)

NCERT Class 12 Accountancy Chapter-5 Dissolution of Partnership Firm http://civilservicegurukul.com/2018/09/05/ncert-class-12-accountancy-chapter-5-dissolution-of-partnership-firm/ 600,027 total views, 27 views today The post NCERT Class 12 Accountancy Chapter-5 Dissolution of Partnership Firm (http://civilservicegurukul.com/2018/09/05/ncert-class-12-accountancy-chapter-5-dissolution-of-partnership-firm/) appeared first on Civil Service Gurukul (http://civilservicegurukul.com/).

NCERT Claa 11Accountancy Chapter 5 Bank Reconciliation Statement http://civilservicegurukul.com/2018/09/05/ncert-claa-11accountancy-chapter-5-bank-reconciliation-statement/ 600,033 total views, 33 views today The post NCERT Claa 11Accountancy Chapter 5 Bank Reconciliation Statement (http://civilservicegurukul.com/2018/09/05/ncert-claa-11accountancy-chapter-5-bank-reconciliation-statement/) appeared first on Civil Service Gurukul (http://civilservicegurukul.com/).

 Section 79 of the Act has been amended in order to provide that the provisions of Non Carry forward of loss will not be applicable in case of a Company whose resolution plan has been approved under Insolvency and Bankruptcy Code, 2016 (IBC, 2016).  For Example, If Loss relates to FY 2015-16 which is tested for set off in FY 2018-19, no testing is required to be made for 51% criteria in case of Companies under Insolvency.  Section 115JB of the Act has been amended in order to provide that in place of “Lower of Brought Forward Loss or Unabsorbed Depreciation”, “Aggregate of Brought Forward Loss and Unabsorbed Depreciation” will be allowed to a Company whose resolution plan has been approved.  This will benefit the acquisitions of Companies which are under the proceedings of IBC, 2016. JOIN SOON @COMMERCEOPTIONAL

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COMPOSITE RENT https://commercegurukulca.blogspot.com/2018/09/composite-rent.html COMPOSITE RENT (1) Meaning of composite rent: The owner of a property may sometimes receive rent in respect of building as well as – (i) other assets like say, furniture, plant and machinery. (ii) for different services provided in the building, for e.g. – (a) Lifts; (b) Security; (c) Power backup; The amount so received is known as “composite rent”. (2) Tax treatment of composite rent Where composite rent includes rent of building and charges for different services (lifts, security etc.), the composite rent is has to be split up in the following manner - (i) the sum attributable to use of property is to be assessed under section 22 as income from house property; (ii) the sum attributable to use of services is to charged to tax under the head “Profits and gains of business or profession” or under the head “Income from other sources”, as the case may be. (3) Manner of splitting up If let out building and other assets are inseparable Where composite rent is received from letting out of building and other assets (like furniture) and the two lettings are not separable i.e. the other party does not accept letting out of buildings without other assets, then the rent is taxable either as business income or income from other sources, the case may be. This is applicable even if sum receivable for the two lettings is fixed separately. If let out building and other assets are separable Where composite rent is received from letting out of buildings and other assets and the two lettings are separable i.e. letting out of one is acceptable to the other party without letting out of the other, then (a) income from letting out of building is taxable under “Income from house property”; (b) Income from letting out of other assets is taxable under the head “Profits and gains from business or profession” or “Income from other sources”, as the case may be. This is applicable even if a composite rent is received by the assessee from his tenant for the two lettings.

CONDITION FOR CHARGEABILITY https://commercegurukulca.blogspot.com/2018/09/condition-for-chargeability.html CONDITIONS FOR CHARGEABILITY (1) Property should consist of any building or land appurtenant thereto. (i) Buildings include not only residential buildings, but also factory buildings, offices, shops, godowns and other commercial premises. (ii) Land appurtenant means land connected with the building like garden, garage etc. It may be noted that Income from letting out of vacant land is, however, taxable under the head “Income from other sources”. (2) Assessee must be the owner of the property (i) Owner is the person who is entitled to receive income from the property in his own right. (ii) The requirement of registration of the sale deed is not warranted. (iii) Ownership includes both free-hold and lease-hold rights. (iv) Ownership includes deemed ownership (discussed later in para 5.11) (v) The person who owns the building need not also be the owner of the land upon which it stands. (vi) The assessee must be the owner of the house property during the previous year. It is not material whether he is the owner in the assessment year. (vii) If the title of the ownership of the property is under dispute in a court of law, the decision as to who will be the owner chargeable to income-tax under section 22 will be of the Income-tax Department till the court gives its decision to the suit filed in respect of such property. (3) The property may be used for any purpose, but it should not be used by the owner for the purpose of any business or profession carried on by him, the profit of which is chargeable to tax. The income earned by an assessee engaged in the business of letting out of properties on rent would also be taxable as business income and not as income from house property [Rayala Corporation (P) Ltd. v. Asstt. CIT (SC) (2016) 386 ITR 500]. (4) Property held as stock-in-trade etc. Annual value of house property will be charged under the head “Income from house property”, where it is held by the assessee as stock-in-trade of a business also. However, the annual value of property being held as stock in trade would be treated as NIL for a period of one year from the end of the financial year in which certificate of completion of construction of the property is obtained from the competent authority, if such property is not let-out during such period [Section 23(5)].

CHARGEABILITY SECTION (22) https://commercegurukulca.blogspot.com/2018/09/chargeability-section-22.html CHARGEABILITY [SECTION 22] (1) The process of computation of income under the head “Income from house property” starts with the determination of annual value of the property. The concept of annual value and the method of determination is laid down in section 23. (2) The annual value of any property comprising of building or land appurtenant thereto, of which the assessee is the owner, is chargeable to tax under the head “Income from house property”. However, where the property is occupied for the purpose of any business or profession carried on by him, the profit of which is chargeable to tax as profits or gains from business or profession, the annual value of such property would not be chargeable to tax under the head “Income from house property”.

 Collective bargaining is a term used to describe the procedure, whereby employers must attempt to reach an agreement regarding terms of employment and the working conditions of labour with the trade unions, instead of with individual workers.  Collective bargaining is a process of discussion and negotiation between an employer and a trade union culminating in a written agreement and the adjustment of problems arising under the agreement.  The Supreme Court of India has defined the process of collective bargaining as a technique by which, dispute as to conditions of employment is resolved amicably by agreement rather than coercion. Workers, who are generally represented by a trade union, use this medium to express their grievance about various issues such as wages and working conditions. Join Soon @commerceoptional

3. Government withdraws bill on workers' participation in management.  A bill to provide for participation of workers in the management of undertakings or other organisations in any industry was withdrawn by the government in the Rajya Sabha.  Labour Minister Bandaru Dattatreya moved for withdrawal of the Participation of Workers in Management Bill, 1990, which was approved by the Upper House through a voice vote.  The Bill had sought to make provisions for the participation of workers in the management of undertakings, establishments or other.

NCRET Class-11 Accountancy Chapter-1-Introduction to Accounting http://civilservicegurukul.com/2018/09/05/ncret-class-11-accountancy-chapter-1-introduction-to-accounting/

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