The Reader

U/s 271A, failure to keep/maintain/retain books of accounts, documents etc., in accordance with Section 44A will attract penalty of Rs. 25,000/-.

Road laid within the factory premises for providing approach to the building to carry on the business activities is eligible for depreciation u/s 32.

Loss on account of robbery or theft provided it is in the course of business and incidental to the trade whichever trade it is, allowed u/s 37.

In case of deposit in joint names, tax will be deducted in the name of the first holder unless otherwise specifically stated.Circular No. 256/05/79

The loss of the amalgamating company can be carried forward by the amalgamated company on fulfillment of conditions u/s 2(1B) and 72A(1).

For the purposes of payment of advance tax on Fringe Benefit Tax, depreciation should be taken on a pro-ratat basis for payment of advance FBT.

A person is said to be of Indian Origin if he or either of his parents or any of his grandparents are born in undivided India. [Section 115C].

U/s 115WB, any expenditure on or payment made through paid vouchers which are not transferable and used only at eating joints, is not liable to FBT

U/s 64(1A), income of a minor child shall be clubbed in the hands of the parent whose total income is greater before such clubbing. Subject to 10(32)

Income accruing or recieved in Foreign currency should be converted into Indian RS. in TT Buying Rate on the last day of the previous year - Rule 115