"25 December 2019" Archive

Tax effect in case of premature closure of PPF Account

Tax Relief on contributions to Public Provident Fund (PPF) Account in case of premature closure of the Account:- A point was raised by the State Bank of India Main Branch Bombay as to whether a partial withdrawal in excess of the prescribed limits or premature closure agreed to by the competent authority would have any effect on the relie...

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Posted Under: Income Tax |

Rules to apply for registration of charitable or religious trusts

As we all are aware that the existing Form No. 10A has been substituted vide CBDT Notification No.10/2018 dated 19/02/2018. Also, rule 17A has been substituted by the Income-tax (First Amendment) Rules, 2018, w.e.f. 19-2-2018. This article will contain the details regarding Form 10A, documents require for registration, e-filing of Form 1...

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Posted Under: Income Tax |

E-Invoicing in GST – Recent Notifications

The Central Government vide CGST Notification No. 68/2019,69/2019,70/2019, 72/2019, has amended the Central Goods and Services Tax Rules, 2017, thereby introducing the Central Goods and Services Tax (Eighth Amendment) Rules, 2019. These rules have been brought to implement the provisions of Electronic Invoicing. ‘E-invoicing’ or ‘el...

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Posted Under: Income Tax |

Advance tax – Precaution is better than Cure!

Arjuna, If the income tax liability of any taxpayer is more than Rs 10000 in a financial year, then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of the year. This tax which is payable during the year is called as Advance Tax....

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Posted Under: Income Tax |

7 must-do’s before 31st March-A quick checklist

We all are aware that end of the financial year 19-20 is approaching. 31st March, 2020 is an important date to remember for individuals and taxpayers in India as it is the deadline for completing all financial obligations. 7 things to do before the end of 31st March 2020:...

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Posted Under: Income Tax |

Tax Benefits From LIC Life Insurance Plans (F.Y. 2019-20)

This articles explains Income-Tax Rates For Assessment Year 2020-21, some important Income Tax benefits available under various plans of Life Insurance such as deduction under section 80C, Section 80D, section 80DD, etc. also explains Income tax exemption on Maturity/Death Claims proceeds under Section 10(10D)....

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Posted Under: Income Tax |

Section 153C- Statement of others cannot be treated as document of Assessee

Pr. CIT Vs Dreamcity Buildwell Pvt. Ltd. (Delhi High Court)

Pr. CIT Vs Dreamcity Buildwell Pvt. Ltd. (Delhi High Court) In the present case, the Revenue is seeking to rely on three documents to justify the assumption of jurisdiction under Section 153 C of the Act against the Assessee. Two of them, viz., the licence issued to the Assessee by the DTCP and the letter […]...

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Gratuity Exemption Limit Rs. 20 lakhs | Big Relief to salaried Tax Payers

Before implementation of seventh Pay Commission, the ceiling under CC S (Pension) Rules, 1972 was Rs. 10 lakh which was raised to Rs. 20 lakhs by seventh Pay Commission....

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Posted Under: Income Tax |

GST on Job Work – GST Rates from 1st day of October, 2019

Job Work Rates Summarised – After October 2019 Notification Changed Rates of Job Work JOB WORK RATE 5% – A. Services by way of JOB WORK OF GOODS BELONGING TO ANOTHER REGISTERED PERSON in relation to- (a) Printing of newspapers; (b) Textiles and textile products falling under Chapter 50 to 63 (c) all products falling […]...

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Posted Under: Income Tax | ,

‘Equalization Levy’ and Taxation under ‘Significant Economic Presence’ Regime : Do They Overlap?

Equalization levy and widening of tax base through the introduction of concept of Significant Economic Presence are the two measures which have been adopted by India for taxation of digital economy. ...

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Posted Under: Income Tax |

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