by Audit Analyst | Jan 2, 2026 | Corporate Tax
Purpose and Scope of ICDS Income Computation and Disclosure Standards (ICDS) are notified under section 145(2) of the Income-tax Act. They apply specifically to the computation of income under the heads “Profits and Gains of Business or Profession” and “Income from...
by Audit Analyst | Jan 2, 2026 | Corporate Tax
Accounting Standards under Companies Act Companies must follow accounting standards notified under the Companies Act, 2013. These standards are issued by the Ministry of Corporate Affairs in consultation with ICAI. The applicable standards include recognition,...
by Audit Analyst | Jan 2, 2026 | Corporate Tax
Understanding the Applicable Tax Structure Identify the correct tax rate applicable to the company based on its turnover and chosen tax regime. Consider the regular tax regime or concessional rates under section 115BAA or 115BAB. Verify eligibility and conditions for...
by Audit Analyst | Jan 2, 2026 | Corporate Tax
General Rule Under Income Tax Law Fines and penalties are generally not deductible under corporate tax provisions. Section 37(1) of the Income-tax Act disallows any expenditure incurred for an offense or prohibited act. The law clearly distinguishes between business...
by Audit Analyst | Jan 2, 2026 | Corporate Tax
Eligibility to File Revised Return A revised return can be filed if the original return had any omission or wrong statement. It is allowed under section 139(5) of the Income-tax Act, 1961. The original return must have been filed within the due date under section...
