Buying a home is a dream come true for many , but a bit of homework could reduce your tax liability enormously. Many of us are aware that interest on home loan enjoys tax benefits, but only few might know that House Rent Allowance, a component in your salary, could also be a big tax saver if it is combined with the home loan benefit.
Lot of people misses the deadline every year due to lack of time or plain laziness. Did you miss it too? In case you have, do not worry, you can still file the belated return. As a tax payer, you are likely to fall under one of these 4 categories. The associated rules and implications are outlined below.
With a view to prevent undervaluation and under-reporting of transactions in the real estate sector and also to collect tax at the earliest point of time, vide the Finance Act, 2013, a new section 194-IA was inserted with effect from 1 June, 2013 to introduce TDS at the rate of 1% on the value of transfer of immovable property where the consideration is Rs. 50 Lacs or more.
Want to gift a property or life time savings to your loved ones? Or have you received a car as a gift on your birthday? Are you worried about the cash gifts received on your wedding? Enjoy giving or receiving gifts guilt-free once you are mindful of the Gifting provisions in India.
In re Posco India Pune Processing Center Private Limited (GST AAR Maharastra) Q.1. Whether Input Tax Credit is admissible in respect of GST paid for hotel stay in case of rent free hotel accommodation provided to General Manager and Managing Director of the company? Answer:- Answered in the negative. Q 2. Whether invoice for quality claim […]
Reserve Bank of India (Note Refund) Rules, 2009 as amended by Reserve Bank of India (Note Refund) Amendment Rules, 2018 wherein all branches of banks have been delegated powers for exchange of mutilated / defective notes. RBI/2018-19/46 DCM (NE) No.657/08.07.18/2018-19 September 7, 2018 The Chairman and Managing Director / The Managing Director/ The Chief Executive […]
This Master Circular is a compilation of the circulars issued by Commodity Derivatives Market Regulation Department (CDMRD) pertaining to domestic commodity derivatives segment , which are issued till the date of this circular.
The article explains about the requirements of CGST Act and corresponding CGST Rules with respect to maintenance of Accounts and registers under Goods and Services Tax Law. Sec 35 & Sec 36 of the CGST Act explains the various requirements of the act with respect to who, when, how, where related to Accounts and Records to be maintained by the assesse.
Shrinet & Shandilya Construction (P) Ltd. Vs Addl. CIT & DCIT (ITAT Delhi) Once the trading results and books of accounts have been rejected and income is being estimated by applying net profit rate on the declared gross contract receipt, then no other addition is required to be made on account of any other trading […]
Hon’ble Apex Court has restrained the Bar Associations/Bar Councils to give a call for strike/boycott/abstention/s of the Court in any event. The Judgment is a direct attack on the fundamental rights of the Lawyers. The meeting is being held to consider the line of action in this regard.
