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Advanced Tax laws And Practice Income Under Head Other Sources Income Under Head Other Sources (IFOS)   One of the five heads of income payable under the Income-tax Act 1961 is income from other sources. Any income not covered by the other four heads of revenue is taxable on the basis of income from other sources and is also known as the residual head of revenue. All wages, capital gains, household property or company & occupation (PGBP) excluded profits are included in IFOS, except those exempted under the Income Tax Act.   Profits of a dividend other than the dividend referred to in section 10 (34). Money gained from winning lotteries, crossword puzzles, races, gambling or betting of some sort (including horse races), even though the assessee claims to gain such profits from dealing in such activities. Money or movable/immovable property obtained during the previous period without consideration or insufficient consideration Interest earned on compensation or increased compensatio

Overtime & Overtime wages for Cost and Management accounting   Work carried out in excess of a basic workday by an employee or worker (typically 8 hours a day, 5 days a week) as specified by the Factories and Shop Establishment Act. It has also defined the overtime rate and maximum overtime hours.   Overtime is outside the usual working hours that staff spend doing the additional job or finishing the unfinished job. Overtime wages are the amount owed to the worker for the additional time expended on additional and/or unfinished work by the worker.   Reasons people end up working overtime   Too much work. To meet overload. Rush orders or Special orders or urgent orders. Scheduling more production. For making up the time lost due to unavoidable reasons.   Disadvantages of Overtime Cost of Overtime: The expense of premium overtime rate Inefficiency: If employees slacken their pace of work in order to qualify for overtime Health of Employees: Regular long working hours, which can adv

How long is the CS Course and Who can do CS? CS Course in India-A related task in an association is the Business Secretary (CS) or Corporate Secretary (CS) or Secretary. It is the senior office in the organization of a private or public area. The legal activities of every corporation are handled by the secretary of the organization. A secretary of an entity is responsible for maintaining the documents, guidance, appraisal forms and assessing the lawful sections of the group. The secretary of the association is a customary one, assisted by the governing body and administrative staff. In any event, the company technique has currently been altered and the CS's function has been extended. As traditional assistance to the administrator and chiefs, the company secretary fills in.   The secretary of the company deals with the association's corporate management and legitimate problems as an extra job. A company secretary is aware of the association's administration, maintaining leg

Company Law CS Executive Programme Investments, guarantees and protection,inter-corporate loans, related party transactions An overview   In the field of inter-corporate loans, acquisitions, guarantees and security under Section 186 and related party transactions under Section 188, the Companies Act, 2013 has incorporated abundant amendments. We will have to refer to the regulations and old provisions when and where to distinguish the purpose and extended scope in order to understand its applicability and substantial coverage allowed by the new legislation.   What are Inter-Corporate Loans, Investments, Guarantees, and Security – Section 186 Section 372A, under the Companies Act, 1956, deals with Inter-Corporate Loans and Investments. In the growth of industries, Inter Corporate Loans and Investment plays a critical role as it identifies and formulates the flow of funds for the company or associates or other companies in need of those funds. In order to invest in a way that should turn

Labour Audit: Industrial and Labour Law CS Executive Labour Audit The labor and employment law audit is an important method for managing compliance with labor, employment, and industrial laws. The audit helps to identify non-compliance with labor and employment laws applicable to a company and to take corrective steps to prevent authorities from taking unjustified legal action against the company and its management. While the Labour Law Audit is not necessary, the operation of this audit is strongly recommended. The audit helps to identify non-compliance with labor and employment laws applicable to a company and to take corrective steps to prevent authorities from taking unjustified legal action against the company and its management. Scope of the Audit of Labour   The auditor of labor law shall cover all labor laws applicable to an industry/business or any other commercial institution in which the audit is carried out by the auditor of labor law. Where a specific piece of labor law is

Labor turnover is defined as the proportion of the workforce of the company leaving over the course of the year or the ratio of the number of persons leaving over the period to the average number of employees.   Labor turnover is all about retention of employees – i.e. the ability of a company to convince its employees to remain in business.   Causes of Labor Turnover     The causes of the turnover of labor could be classified into three types. They're:   Personal causes –  those that induce or force workers to leave their jobs. Retreat due to old age. The accident makes workers permanently unable to work. Women workers may leave after marriage to perform household duties/family duties I don't like the job or the place. Workers are finding better jobs in other places. Changing the job for improvement.   Inevitable causes –  those on which management is obliged to ask some or more of their employees to leave the organization; Seasonal nature of the company. Change the location

Multi-deposit system: The depository model adopted in India provides for a competitive multi-depositary system. The depository was to be a company formed under the Companies Act 2013 and a certificate of registration under the Securities and Exchange Board of India Act, 1992 was to be granted. There are currently two depositories registered with SEBI, namely:   National Securities Depository Limited (NSDL), and Central Depository Service Limited (CDSL)   Securities in Dematerialised Form: The depository model adopted in India provides for the dematerialization of securities, which is more or less similar to holding funds in bank accounts. Transfer of ownership of securities is done through simple account transfers. This method does away with all the risks and hassles normally associated with paperwork.   Fungibility: In a general sense, Fungibility is a good or asset’s interchangeability with other individual goods or assets of the same type. Assets possessing this fungibility property

What is the 2017 Amendment Bill for Companies?  The 2017 Companies (Amendment) Bill, which aims to bring in substantive amendments to the 2013 Companies Act. It aims to enhance the quality of corporate governance, initiates stern action against defaulting companies, and help boost the country's ease of doing business...   Some of the key amendments introduced in Companies Amendment Bill, 2017 are: Instead of affidavits, a declaration would be required for the incorporation of the company. In the case of a new company, the name reservation is valid for 20 days from the date of approval, instead of 60 days from the date of application. The Unlisted Company's Annual General Meeting (AGM) can be held anywhere in India. Each company must have its registered office within 30 days of incorporation, rather than the current requirement to have its registered office within 15 days. The ROC shall be informed of any improvement in the situation of the registered office within 30 days inste

Eligibility for Bonus & Its Payment Eligibility for Bonus:   In compliance with the Payment of Bonus Act, 1965, an institution that has hired 20 or more workers shall pay an annual bonus to its qualifying employees*.   Employees who have worked for no less than 30 working days in that year and earn a salary of Rs. 10,000 or less per month are qualified employees. And an apprentice is not eligible for the bonus, as per a decided case law.   Note: Now, from Rs. 10,000 to Rs. 21,000 per month, the cap has been adjusted.   Bonus disqualification   If an employee has been terminated from service for being involved in the Payment of Bonus Act, 1965, pursuant to Section 9,   (a) fraud; or, (a) fraud; or   (b) riotous or violent activity while on-site or in the establishment; or (b) riotous or violent behavior while on-site or in the establishment;   (c) fraud, misappropriation or sabotage of any property belonging to the establishment, and then prohibited from earning a bonus in complian