"14 June 2019" Archive - Page 3

New Pension Scheme- Deduction under Section 80CCD

NEW PENSION SCHEME- Section 80CCD of the Income Tax Act, 1961– (Deduction based on Investment) The following conditions need to be satisfied for the applicability of Section 80CCD: 1- It is applicable to only Individual assessee. 2-It is applicable to Individual assessee employed with Central Government or employed by any other pers...

Posted Under: Income Tax | ,

Section 44AB vs 44ADA of Income Tax Act, 1961

As Section 44AD is applicable on business (click here to read in detail), Section 44ADA applies on professionals. It says that if an eligible assessee (professional) who declares 50% or more than that of his gross receipts as profit, then he is not required to get his accounts audited under the Income Tax Act, 1961. […]...

Posted Under: Income Tax |

Cabinet approves ratification of MLI, What is significance of ratification of MLI?

Cabinet approves ratification of MLI. What is the significance of ratification of MLI?  Government of India through a press release on 12th June, 2019  has brought out the information of ‘Ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting‘. In this...

Posted Under: Income Tax |

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