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Showing posts from December, 2020

Is depreciation allowable on purchase of fixed assets by cash, Which used for bussiness purpose?

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 Yes!, depreciation is allowable on purchase of asset for business purpose by cash, subject to certain conditions. The asset must be used for the business or profession of the assessee, and it must be owned, wholly or partly, by the assessee. The asset must also have a useful life of more than one year. However, there is a restriction on claiming depreciation on assets purchased in cash. Section 43 of the Income Tax Act, 1961, disallows the capital expenditure incurred in cash for certain specified assets, including fixed assets. This means that if you purchase an asset for your business in cash, you will not be able to claim depreciation on the cost of the asset. There are a few exceptions to this rule. For example, you will still be able to claim depreciation on assets purchased in cash if the amount of the expenditure does not exceed Rs. 20,000. You will also be able to claim depreciation on assets purchased in cash if the asset is used for scientific research or for the purpos...
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નિરાશ્રિતો અને ગરીબોની ગરીબી લૂછવાનું ભગીરથ કાર્ય કરી રહ્યાં છે પાર્થ લીમ્બાચીયા

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ગરીબો અને નિરાશ્રિતો ની આંખમાં પાર્થ લીમ્બાચીયા નામનું એક કમળ ખીલ્યું છે. નામે પાર્થ ગીરીશભાઈ લીમ્બાચીયા , પાલનપુરનાં  રહેવાસી છે અને હાલ અમદાવાદ સ્થિત છે. પાર્થભાઈ બી. ફાર્મ માં અભ્યાશ કરે છે. પાર્થભાઈ ૨૦ વર્ષની ઉમરનાં જ છે, પણ એમના ઉમદા વિચાર જોઈને લાગે નહિ આટલી નાની વય.    પાર્થ ભાઈને ગરીબો અને નિરાશ્રિતો માટે કાંઈ કરી છૂટવાનો અને એમને મદદરૂપ થવાનો વિચાર આવ્યો. અને ઍ વિચાર સાથે તેઓ પાલનપુરની આસપાસની ઝૂંપડપટ્ટી વિસ્તાર અને રોડની આસપાસ નિવાસ કરતાં ગરીબ અને નિરાશ્રિત ભાઈ-બહેનોને કપડાં, અન્ન અને માસ્ક જેવી જરૂરિયાતરૂપી વસ્તુઓનું વિતરણ જેવા ઉમદા કર્યો કરે છે. અને એમને આ વિચાર એમના પરમ મિત્ર સોનું રાવત સાથે સહારે કર્યો અને એ પણ હવે આ ઉમદા કાર્યમાં સહભાગી થયા છે. સોનું રાવત જે  પાલનપુરનાં  રહેવાસી છે અને સિવિલ એન્જિનિરીંગમાં સુરતમાં અભ્યાશ કરે છે. તેઓ હંમેશા કહે છે કે ગરીબ અને નિરાશ્રિત માણસ ક્યારેય પોતાને એકલો ના માને, બને એટલી એ ગરીબ, નિરાશ્રિતોની મદદ કરે છે. પાર્થભાઈ અને તેમના મિત્ર છેલ્લા ૨.૫ વર્ષથી ગરીબ અને નિરાશ્રિતોને સેવા આપી રહ્યાં છે.  અને તેઓએ આ વિચા...
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New anode material could produce efficient lithium-ion batteries for electric vehicles

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  A new composite anode material made by Indian scientists based on carbon nanostructures could produce more efficient lithium-ion batteries (LIB) with longer life, which is essential for electric vehicles. Existing LIBs use graphite as an anode with moderate theoretical capacity and limited fast charging capabilities. Hence, there is a need for developing anode materials with high energy density, fast charging capability, and long cycle life. Scientists at the International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI), an autonomous R&D Centre of the Department of Science and Technology, in collaboration with Department of Metallurgical and Materials Engineering, IIT Madras have developed a novel anode material for lithium-ion battery (LIB) for electric vehicles (EVs). This high-performance and sustainable anode made of a composite material of α-MoO3 and single-walled carbon nanostructures called carbon nanohorns (SWCNHs) showed high energy/power den...
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‘No Dorai’ and ‘Fagun Haway’ win Bangladesh best films award of 2019

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  Taneem Rahman Anghshu who directed the film ‘No Dorai’ got the best Director award. The film ‘No Dorai’ dominated the awards in several categories including best cinematography (Sumon Kumar Sarker), Best Sound Recording (Ripon Nath) and best Screenplay (Mahboob Rahman). ‘No Dorai’, meaning ‘Not Afraid’ is the story of a community in the beach town of Cox’s Bazar in Bangladesh. The community does not allow women to venture into the sea and forces them into strict social norms. The awards this year have been given away in 26 categories.  Eminent actor Sohel Rana and actress Kohinoor Akhter Suchanda jointly won the Life Time Achievement Award for their contribution to the film industry. Tarique Anam Khan was adjudged the best actor in lead role (male) for 'Abar Basanta' while the award for best actress in lead role (female) went to Sunehra Binte Kamal for 'No Dorai'. Zahid Hasan got the Best Villain award for his role in the film ‘Shaludu’. ‘Nari Jibon’ got the best shor...
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Relaxation of additional fees and extension of last date of filling of CRA-4 (form for filing of cost audit report) for FY 2019-20

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One Important Announcement has been issued by The Corporate Laws & Corporate Governance Committee of The Ministry of Corporate Affairs regarding Relaxation of additional fees and extension of last date of filling of CRA-4 (form for filing of cost audit report) for FY 2019-20. The announcement is below. ANNOUNCEMENT Sub: Relaxation of additional fees and extension of last date of filling of CRA-4 (form for filing of cost audit report) for FY 2019-20 Considering the difficulties faced by the corporates and professionals due to the continued disruption in certain parts of the country and to provide greater Ease of doing business, the Ministry of Corporate Affairs, GOI has clarified via Circular No. 38/2020 dated 1st December, 2020 that in view of large scale disruption caused by the Covid-19 pandemic, it has been decided to extend the date for submission of cost audit report for the financial year 2019-20 by the cost auditor to the Board of Directors of the Companies from 30th Novembe...
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KEY HIGHLIGHTS OF INDIAN UNION BUDGET 2023-2024 : PERSONAL INCOME TAX ASPECTS

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Five major announcement made by the hon'ble finance minister of India Smt. Nirmala Sitharaman during the union budget presented at parliament are as follows: For Middle Class People * Following changes is applicable only for the person, who opting new tax regime U/s. 115BAC (1A)  ✓ Increase Limit of Rebate U/s. 87(A) : Under New Tax Regime  Resident individual with total income up to ₹. 5,00,000 do not pay any tax due to rebate under both old and new regime. It is proposed to increase the rebate for the resident individual under the new regime so that they do not pay tax if their total income is up to ₹. 7,00,000. ✓ Changes in Tax Slab system opted U/s. 115BAC(1A) : Under New Tax Regime  Substantial relief is proposed under the new regime with new slabs and tax rates as under: Total Income (₹)                           Rate (per cent)  • Upto 3,00,000             ...
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Happy Navratri 2020 Highlights : Navratri Started from Today (17th October,2020) , It's Start and End Date, Significance, Best wishes and images

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  Happy Navratri 2020 Highlights : Navratri Started from Today (17th October,2020) , It's Start and End Date, Significance, Best wishes and images "I HOPE THAT MAA DURGA GOT VICTORY ON PANDEMIC CORONAVIRUS." India is a country of varied cultures and traditions. Navratri means group of one-night, which is special for all hindusiam. A nine-day Hindu festival that falls in the month of autumn, Navratri is dedicated to the different forms of Goddess Durga. Devotees worship nine avatars of the Goddess during these nine days. A nine-day Hindu festival that falls in the month of autumn, Navratri is dedicated to the different forms of Goddess Durga.Devotees  worship nine avatars of the Goddess during these nine days. Navratri is the sign of goods over evil. Navratri is celebrated during the Hindu calendar month of Ashvin, which usually falls in the Gregorian months of September and October. In 2020, the festival of Navratri will start on 17 October and will go on till 25 October....
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