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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

CS Executive Meaning of Service Costing: Scope/Service and Application Online CS Executive Class:  service costing is a type of operation costing that is used in organizations that provide services instead of producing goods. The cost of services is the cost of providing and operating services in a particular sector. In short, services are generally considered to be inducting rather than producing goods. It is the costing method that provides information on how to calculate the operating cost. Service scope   The costing services are directly concerned with the classification and accumulation of the cost of the service to the services rendered by undertakings. Service Cost Features:   Operating costing is a method of costing. There is no physical stock of an article when an undertaking renders a service. An undertaking adopting a costing service shall not produce any tangible goods. These undertakings provide their customers with unique services. Costs are usually period-wise. However,

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

To borrow   Money is required to operate a business. Now, it can either be in the form of investment in money, or it can be borrowed from outsiders. Capital investment can be made by the issuance of equity securities, while money can be borrowed from external sources, i.e. external sources, through issuing debentures, bonds, bank loans, external commercial borrowings, etc.   Basically, borrowing means arranging cash with the intention of running a company and generating income and eventually returning the money borrowed.   Borrowing means borrowing cash. Loans can come in many ways, such as short-term loans, long-term loans, secured loans, unsecured loans, private borrowing, public borrowing, etc.   The firm's power to borrow     In its articles for borrowing capital, a corporation has its own life and has articulated powers. The company's power to borrow money is exercised by its directors by passing a resolution authorizing them to borrow money, and that resolution should als

The Negotiable Instrument Act is a very interesting subject of Economic, Business and Commercial Law, explained below:   The Negotiable Instruments Act was enacted in India in 1881 and entered into force on 1 March 1881. Prior to its enactment, the provisions of the English Negotiable Instrument Act were applicable in India and, with certain modifications, this Act is also based on the English Act. It extends to the whole of India, with the exception of the state of Jammu and Kashmir. The Act operates subject to the provisions of Sections 31 and 32 of the Indian Reserve Bank Act, 1934.   What's the Negotiable Instrument?   A "negotiable instrument" means a promissory note, a bill of exchange or a check payable either to the ordering party or to the holder.   EXPLANATION – A promissory note, bill of exchange or check is payable to an order which is expressed as being payable or which is expressed as being payable to a particular person and does not contain words prohibiti