Requirement of section 54 in the second limb is that capital gain should be used in construction of residential house and nothing more. Assessee in the instant case was the owner of super-structure constructed by utilizing capital gain and it was clear from the lease deed by which land over which construction had been put up was given on lease to assessee, therefore, deduction under sections 54 could not be disallowed.
Changes in TDS provision via Finance bill,2019 as passed by Lok Sabha and Interim Budget, 2019 1. Sec 194M (new section): TDS on payment exceeding Rs 50 lakhs to Contractor or Professional by Individual/HUF (Applicable w.e.f. 01/09/2019) Insertion of New Section after Sec 194LD: (1) Any person, being an individual or a Hindu undivided family […]
1. Trust Registration Overview: ♦ Public trust is most convenient way of starting a non-governmental organisation (NGO). ♦ Main objectives of trust are eradicating poverty, offering medical support, and promoting art, science and literature. ♦ Trusts are irrevocable i.e. they cannot be terminated without permission of court. 2. Trust Registration – Detailed Process: An initial […]
Nidhi means ‘TREASURE’ The main business of Nidhis, viz. borrowing from members by way of Fixed Deposits and Recurring Deposits, providing locker facility and lending to members only, are known under different names such as Nidhi, Permanent Fund, Benefit Funds, Mutual Benefit Funds and Mutual Benefit Company. The concept of Nidhi’s is popular in South […]
FAQ ON KERALA FLOOD CESS Q.1 Why Kerala Flood Cess is imposed? Ans: Kerala Flood Cess is levied to raise the fund required for re-construction of State after the devastating flood occurred in the State during August 2018. Q.2 Which is the date of commencement of Kerala Flood Cess? Ans: Kerala Flood Cess is applicable […]
Significant beneficial owner, in relation to a reporting company means an individual referred to in sub -section (1) of section 90, who acting alone or, together, or through one or more persons or trust, possesses one or more of the following rights or entitlements in such reporting company, namely: (i) Holds indirectly, or together with […]
All companies registered in India other than a One Person Company is required to hold an annual general meeting each year in addition to other General Meeting. There should not be a gap of more than 15 months between one Annual General Meeting and the next and one meeting should be held in each of the calendar […]
Article explains Concept of Dormant Company, What is Dormant Company?, Prior Conditions for Dormant Status, Compliance maintained by Dormant Company, Application for obtaining status of dormant company and Application for obtaining status of active from dormant. Concept of Dormant Company Whenever a company is not doing any business activities for a long time period say […]
From the time the GST has been introduced in India, there has been lot of confusion among restaurant owners regarding the GST rates applicable to them. It has been a bumpy road for restaurant owners. In the GST regime, the Service Tax and VAT amount will be subsumed into one single rate, but you may […]
Agricultural & Processed Food Products Export Development Authority (APEDA) Registration in India. If you want to Start Export of Food Products such as Fruits, Vegetable, Meat, Poultry Products, Dairy Products, Confectionery, Biscuits, Bakery Products, Honey, Jaggery and Sugar Products, Cocoa products, Chocolates, Floriculture Products, Pickles, Papads and Chutneys, etc from India, then you need APEDA […]
