Various tax benefit available under the Income Tax Act 1961, would help house aspirers to go in for housing loans which were a bit costlier till now. Taking loans for housing needs also makes an economic sense as it offers income tax incentives and exemptions.
As per the existing provisions of the Income-tax Act, a deductor is required to furnish a periodical TDS statement (quarterly) containing the details of deduction of tax made during the quarter by the prescribed due dateA substantial number of the deductors are not furnishing their TDS statement within the prescribed due date. Delay in furnishing of TDS statement results in delay in granting of credit of TDS to the deductee and consequently results into delay in issue of refunds to the deductee tax payers or raising of infructuous demand against the deductee tax payers
The provisions regarding the entertainment allowance and its deduction from salary are discussed below – Entertainment allowance as per Section 16(ii) is first included in salary income under the head “Salaries” and thereafter a deduction is given on the basis enumerated in the following points
Customs Rate of Exchange of Foreign Currency Conversion wef 03.08.2018 notified vide Notification No. 67/2018 – Customs (N.T.) dated 2nd August, 2018
In re The KCP Cements Limited (GST AAR Andhra Pradesh) Issues Under Consideration 1. Admissibility of Input Tax Credit of tax paid on inputs/ input services 2. Used in manufacturing cement which is in turn used for setting up a Silo, and other bought out items used for setting up a Silo. 3. Classification of […]
Order No. 123 of 2018 – Additional Charge of Member (Admn.) CBDT to Shri Sushil Chandra, Chairman, CBDT and additional charge of Member (IT&C) to Smt. S. Bhattasali, Member (A&J),CBDT along with zonal charges – reg F. No. A-35015/7/2012-Ad.VI Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, […]
LIC to acquire controlling stake of IDBI Bank Cabinet approves dilution of Government shareholding below 50% The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved conveying of no objection to reduction in Government of India shareholding in IDBI Bank Limited to below 50% by dilution. It has also approved acquisition of controlling […]
AAAR Maharashtra held that We do not see any reason to interfere with the Ruling given by AAAR, Maharashtra holding that Caesarstone imported by the Applicant is to be classified under HSN code 6810.
CBDT has entered into nine more Unilateral Advance Pricing Agreements (UAPAs) during the month of July, 2018. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 232, which includes 20 Bilateral Advance Pricing Agreements (BAPAs).
Indian Government is untiringly working towards making India as one of the top spots in Ease of Doing Business global rankings. The World Banks Doing Business assessment covers aspects of business regulation and their implications for firm establishment and operation sin about 190 countries.
