Extra Cultivation

PROFITS AND GAINS OF BUSINESS OR PROFESSION - I INCOME TAX NOTES PART - 04 PROFITS AND GAINS OF BUSINESS OR PROFESSION - I Depreciation allowance [Sec. 32] Following conditions should be satisfied by the assessee to avail depreciation: 1. Asset must be owned by the assessee. 2. Asset must be used for the purpose of business or profession. 3. Asset should be used during the relevant previous year: Normal depreciation (i.e., full year’s depreciation) is available if an asset is put to use at least for sometime during the previous year. However, where an asset is acquired during the previous year but put to use for the purpose of business or profession for less than 180 days during that year, in such a case, half of the normal depreciation is allowed. 4. Depreciation is available on tangible assets (Building, machinery, plant or furniture) as well as intangible assets (know-how, patents, copyrights, trademarks, licenses, franchises or any other business or commercial rights of s

  E-COMMERCE UNIT - 5 LESSON - 3 Duties of Subscribers Duties of Subscribers The IT Act, 2000 stipulates that any subscriber may authenticate an electronic record by affixing his digital signature. This act lays down the following duties of the subscribers who have obtained the Digital signature Certificate from some certifying authority. It further states that any person can verify an electronic records by use of a public key of the subscriber. Generating key pair (Sec. 40) : A subscriber is required to generate a key pair that corresponds to the private key of that subscriber which is to be listed in the Digital Signature Certificate. This implies that the subscriber must generate an appropriate private key which matches the public key being allotted to him or Her. Duties of subscriber of Electronic Signature Certificate (Sec. 40A) : In respect of Electronic Signature Certificate the subscriber shall perform such duties as may be prescribed. Acceptance of Digital Signature Certificat