Tag Archives: section 295

Preventing permanent deferral of taxes through undervaluation of inventory

By | February 2, 2023
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Preventing permanent deferral of taxes through undervaluation of inventory BUDGET 2023-24 MEMORANDUM EXPLAINING THE PROVISIONS IN THE FINANCE BILL, 2023 Assessees are required to maintain books of account for the purposes of the Act. The Central Government has notified the Income Computation and Disclosure Standards (ICDS) for the computation of income. ICDS-II relates to valuation… Read More »

CBDT notified rules for Buy-Back of Shares

By | October 18, 2016
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 17th October, 2016 INCOME-TAX G.S.R. 982(E).—In exercise of the powers conferred by section 115QA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend… Read More »