12A Certificate
Reading Time: 3 minutesThe registration under section 12A of the Income Tax Act provides relief to charitable trusts and Not-for-profit organizations from paying tax to the government. Without a 12A certificate,the trust/NGO/societies income are liable to pay tax at normal rates.
Profit In Lieu Of Salary
Reading Time: < 1 minuteProfit in lieu of salary are the payments received or due to the employee by the employer in addition to the wages or salary is known as “Profit in lieu of salary.” In income tax act this amount is treated differently. In this article we try to understand the same
Remuneration To Partners
Reading Time: 3 minutesRemuneration to partners is a very crucial and difficult topic both practically and accounting wise. Income tax sets a different criteria for allowable remuneration to partners, It is very important to know the exact calculation of remuneration to both partners and accountants, and in this we discuss the same.
