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Archive: 19 July 2018

Posts in 19 July 2018

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 1917 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

RBI to Issue New Design ₹ 100 Denomination Banknote

July 19, 2018 2142 Views 0 comment Print

Reserve Bank of India will shortly issue ₹ 100 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India.

Release goods detained on Compliance with Kerala GST Rules: HC

July 19, 2018 591 Views 0 comment Print

Kaniayamparambil Steels  Vs Asstt. Sales Tax Officer (Kerala High Court) The petitioner seeks release of the goods detained by the 1st respondent, under Section 129 of the Central Goods and Services Tax Act, 2017 as also the Kerala State Goods and Services Tax Act. 2. Earlier, a Division Bench of this Court, under similar circumstances, disposed of W.A. No.1802 […]

Major Amendments proposed in CGST Act, IGST Act & GST (Compensation to States) Act, 2017

July 19, 2018 5319 Views 0 comment Print

Major Amendments proposed in CGST Act, 2017, IGST Act, 2017 and the GST (Compensation to States) Act, 2017 vide recently released Draft proposals for amending GST Laws which was open for public comments till 15th July 2018. Section 2(4)- Adjudicating Authority National Anti-Profiteering Authority constituted by the Central Government under section 171 of the CGST […]

AO not bound to follow formula prescribed in rule 8D to compute disallowance u/s. 14A

July 19, 2018 2082 Views 0 comment Print

Pr. CIT Vs Britannia Industries Ltd (Calcutta High Court) If an assessing officer doubts the quantum of expenditure incurred towards exempted income, is it mandatory for the assessing officer to apply the formula prescribed in rule 8D of the Income Tax Rules, 1962 or can he take a view otherwise? This is the question which is […]

Income from House Property- All you want to know

July 19, 2018 46219 Views 4 comments Print

Rental income in the hands of owner is charged to tax under the head Income from house property. Rental income of a person other than the owner cannot be charged to tax under the head Income from house property. Hence, rental income received

When Rs. 2,00,000 maximum interest deduction not available on SOP

July 19, 2018 22971 Views 11 comments Print

We all think that we are eligible for Interest Deduction U/s. 24(b) up to Rs. 2,00,000/- on home loan taken for Self Occupied property. But many taxpayers are not aware that in some cases the deduction of Housing Interest on Self Occupied Property is available only upto Rs. 30,000/- instead of Rs. 2,00,000/-. In this article we have discussed Such provisions.

All about PPF and Income tax benefit

July 19, 2018 1281028 Views 716 comments Print

The Public Provident Fund is the darling of all tax saving investments. You invest in it and you get a deduction on your income. Besides, the interest you earn on it is tax-free. Since it is a scheme run by the Government of India, it is also totally safe.

Buy home to reduce Income Tax burden

July 19, 2018 18005 Views 1 comment Print

As we are in the middle of the financial year , it is time to start planning your tax saving strategies. A house can also be used to reduce the tax liability to a certain extent. Under Section 24 of the Income Tax Act, deduction in respect of interest paid up to Rs 1.5 lakhs (2 lakh from AY 2015-16) per annum on a home loan is allowed.

Plan Your Taxes, Via Investments

July 19, 2018 3312 Views 0 comment Print

March of any year is the month when one feels as if he is being subject to extortion – not in its literal meaning but in the form of tax deduction at source or advance tax or forced to invest in tax saving investments. There could be moments when you feel that you have paid too much of taxes or too much of tax has been deducted from your salary.

Form 26AS- Check Anywhere Anytime Tax Credit Status

July 19, 2018 26659 Views 4 comments Print

Form 26As can be viewed/ downloaded through e-filling website incometaxindiaefiling.gov.in, internet banking or TRACES website based on the choice of the taxpayer to view his tax credit. Note:‑ For records greater than 20,000 a download request for Form 26AS as a text file needs to be submitted at TRACES by its registered users. For any […]

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