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Income from other sources (Excluding winning from lottery and income from race horses) Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee , this Return Form can be used where such income falls in any of the above categories.
ICAI is one of the founder members of the International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), and Confederation of Asian and Pacific Accountants (CAPA). ICAI was formerly the provisional jurisdiction for XBRL International in India. In 2010, it promoted eXtensible Business Reporting Language (XBRL ...
ASB is a committee under Institute of Chartered Accountants of India (ICAI) which consists of representatives from government department, academics, other professional bodies viz. ICAI, representatives from ASSOCHAM, CII, FICCI, etc. ICAI is an independent body formed under an act of parliament.
Source of income is also important in residency systems that grant credits for taxes of other jurisdictions. Such credit is often limited either by jurisdiction or to the local tax on overall income from other jurisdictions. Source of income is where the income is considered to arise under the relevant tax system.
Earnings through Other Sources (includes Income through Lottery Winnings, through bets on Racehorses, and other Legal methods of Gambling) The Income Tax Returns, if clubbed together with that of a spouse, minor child etc. needs to ensure that their sources of income are similar to those stated above. Only then can their returns be filed together.
Income Computation and Disclosure Standards (ICDS) were issued by the Government of India in exercise of powers conferred to it under section 145(2) of The Income Tax Act, 1961. The Ministry of Finance published 14 draft ICDS, out of which 10 ICDS were notified by the government on 31 March 2015. The government specified a deferment of one year ...
National Advisory Committee on Accounting Standards (NACAS) is a body set up under section 210A of the Companies Act, 1956 by the Government of India.It advises the Central Government on the formulation and laying down of accounting policy and accounting standards for adoption by companies . [1]
In India, a Chartered Accountant is a qualified accountant of the Institute of Chartered Accountants of India.Chartered Accountants have knowledge of various subjects like accounting, auditing, corporate laws, costing and various aspects of direct and indirect taxation.