Services of pure labour contract supplied by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation, or alteration of a civil structure or any other original works under PMAY is exempted from GST vide Entry 10 of the Notification No. 12/2017-Central Tax (Rate) dated 28.06.2017 (as amended).
AAR held that Fortified Rice Kernels FRK manufactured and supplied by the applicant is classifiable under HSN 19049090 and attracts GST @ 18% (SGST 9 % + CGST 9 %).
Sukanya Samriddhi Yojana is a small deposit scheme of the Government of India meant exclusively for a girl child and is launched as a part of Beti Bachao Beti Padhao Campaign. The scheme is meant to meet the education and marriage expenses of a girl child. It is currently fetching higher interest rate and provides income-tax rebate.
Government has notified new Post Office Savings Account Scheme, 2019 w.e.f. 12th December, 2019 vide notification No. G.S.R. 921(E). Article explains Type of Account under Post Office Savings Account Scheme, 2019, Deposits and withdrawals under Post Office Savings Account Scheme, 2019, Interest on deposits in an account Confirmation of balance, Issue of cheque book, Silent […]
The Income Tax Act 1961 provides that a HUF (Hindu Undivided Family) is separate unit like an individual and is too assessed accordingly. A HUF is eligible for those exemptions that are available to a resident Indian who is not a senior citizen. It can own property and also have its own business.
Government has notified new National Savings Recurring Deposit Scheme, 2019 w.e.f. 12th December, 2019 vide notification No. G.S.R. 918(E). Article explains Categories of accounts under National Savings Time Deposit Scheme, 2019, Type of Accounts, Deposit and repayment under National Savings Time Deposit Scheme, 2019, Extension of Account, Rate of Interest under National Savings Time Deposit […]
The persons having long-term capital gain can avail exemption under various sections by making prescribed investments. The long-term capital gains are usually taxed @ 20%. This tax can be saved by making investments as per section 54, 54EC and 54F. Section 54: Profit on sale of property used for residence: Capital gain arising on transfer of […]
Senior citizens do not have any active income and ability to earn post their retirement, they thus depend on the interest income and cannot take any risk with their money. Senior Citizen Saving Scheme (SCSS) is one of the avenue which gives better returns than other products and is perfectly safe. Let us discuss. Who […]
Dont miss the deadline! File your Income Tax Return before 31st March 2020 to avoid consequences. Learn more about the warning bell and its implications.
Income Tax Department has identified a large number of persons who have not filed Income Tax Returns for A.Y. 2016-17 and 2017-18, although, they have made high value transactions / deposited large amount of cash in bank accounts.
