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Archive: 03 July 2018

Posts in 03 July 2018

In absence of Comparables production loss shown by Assessee must be accepted

July 3, 2018 480 Views 0 comment Print

Production loss depends on number of factors and in absence of any comparable to show that loss shown by the assessee is excessive, the contention of the assessee has to be accepted

Disclosure by AIFs/ VCFs to monitor utilization of overseas investment limits

July 3, 2018 780 Views 0 comment Print

In order to monitor the utilization of overseas investment limits, it is decided that AIFs/ VCFs shall mandatorily disclose the following: i. AIFs/ VCFs shall report the utilization of the overseas limits within 5 working days of such utilization on SEBI intermediary portal at

Your parents can help you save tax / reduce your tax liability

July 3, 2018 116618 Views 56 comments Print

In this article we have listed four tips to save Tax Through Your Parents which includes 1. By Investment & Share Trading in your parents name 2. By Paying Rent to Parents to claim HRA or Section 80GG deduction 3. By shifting losses on Shares by off market Transactions 4. By doing share trade in Parents Name.

Benefit of HRA on payment of House Rent

July 3, 2018 36066 Views 37 comments Print

How is the exemption on HRA calculated? When can you claim exemption on HRA? Is your landlord an NRI? When can you enjoy the twin benefits of home loan and HRA? Rent-free accommodation vs HRA

Section 80D: Deduction for premium paid for Medical Insurance

July 3, 2018 40947 Views 5 comments Print

CA Abhianchal Dua Deduction is available up to Rs. 25,000 to a tax payer of premium paid for Medical insurance of self, spouse and dependent children. If individual or spouse is 60 years old or more the deduction available is Rs 30,000 (this amount has been increased to Rs 50,000 w.e.f A.Y 2019-20). An additional […]

Tax Planning- Save tax through your family

July 3, 2018 201943 Views 118 comments Print

Its a fact that Your own parents as well as your own in-laws can become legal tools of tax planning for you and your family. If you want to achieve this dictum then all you are need to do is just to give away a portion of your funds, either as a gift or a loan, to your parents as well as your parents in law so that in years to follow your income tax burden becomes lighter as the income on funds transferred by you to them which would bring in income would be taxed in their hands.

Appendix 3 (SCOMET items) to Schedule – 2 of ITC (HS) Classification of Export and Import Items, 2018 amended

July 3, 2018 5292 Views 0 comment Print

Central Government hereby makes the following amendments, with immediate effect, in the Appendix 3 to Schedule -2 of ITC (HS) Classifications of Export and Import Items 2018, as notified in DGFT Notification No. 47/2015-20 dated 31.01.2018 :

Educational Material on Ind AS 27, Separate Financial Statements and Ind AS 28, Investments in Associates and Joint Ventures

July 3, 2018 16743 Views 2 comments Print

This publication will provide guidance to the stakeholders in how an entity accounts for the investments in its subsidiaries, associates and joint ventures. Ind AS 27 prescribes the accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates when an entity prepares separate financial statements and Ind AS 28 set out how to […]

Penal interest for Delayed/Wrong/Non-Reporting of Currency Chest Transactions

July 3, 2018 993 Views 0 comment Print

In terms of the Preamble, under Section 45 of the RBI Act, 1934 and 35 A of the Banking Regulation Act, 1949, the Bank issues guidelines / instructions for realising the objectives of our Clean Note Policy.

Affordable Housing qualifies for reduced CGST rate of 6%

July 3, 2018 10311 Views 0 comment Print

In re Prajapati Developers (GST AAR Maharashtra) Issue- Whether the construction services provided under the project “Prajapati Magnum” qualifies for the reduced CGST Rate of 6% as provided in SI. No 3 – item (v)- sub item (da) vide Notification 01/1018- CT (Rate) dated 25.01.2018? Held by Authority For Advance Ruling Low cost houses up […]

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July 2018