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Archive: 08 January 2020

Posts in 08 January 2020

What salary structure should include to reduce tax liability

January 8, 2020 23247 Views 7 comments Print

What a salary structure should include and how we can reduce our salary tax liability This article will help us to figure out how to reduce your tax liability under salary head and how to set salary structure for AY 2020-21. This article will cover various allowances which any type of employees will able to […]

Jurisdiction Free Assessment under Income Tax Act, 1961

January 8, 2020 16440 Views 1 comment Print

This article is covering in depth knowledge of various types of Jurisdictions, Various types of Assessments under Income Tax Act, 1961 and details of new system i.e. Jurisdiction-Free Assessment which was introduced from 2016. Jurisdiction is prescribed under Section 124 of the Income-tax Act, 1961 and assessment includes Summary assessment under section 143(1), Scrutiny assessment […]

Section 44AD Profits and Gains of Business on Presumptive Basis

January 8, 2020 37182 Views 13 comments Print

First we will discuss the business which has been eligible for scheme provided by section 44AD of income tax act, 1961. This scheme covers up almost all small businesses which has total turnover up to 200 lakh. Total turnover is the crux of this section. Here important is total gross turnover; gross turnover is before deducting any expense.

Exchange when goods are supplied within India and billing is to be done in foreign currency

January 8, 2020 35940 Views 0 comment Print

In case where goods are supplied within India and billing is to be done in foreign currency, which exchange rate to be applied rate prescribed for export of goods or for import of goods?

Application for seeking Advance Ruling under Income Tax Act 1961

January 8, 2020 5901 Views 0 comment Print

Application for Advance Ruling: The applicant desirous of obtaining advance ruling may make an application stating the question on which advance ruling is sought.

Section 80IBA of Income Tax Act with Alternate Minimum Tax

January 8, 2020 51024 Views 4 comments Print

Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to the provisions of this section, be allowed, a deduction of an amount equal to hundred per cent (100%) of the profits and gains derived from such business.

Central Goods and Services Tax Order (2017-2019)

January 8, 2020 1251 Views 0 comment Print

Article compiles Central Goods and Services Tax (CGST) Orders issued by CBIC during 2017 to 2019. Article Contains Order Number, date of Order, Subject on which orders been passed and Description of order. Orders also been hyperlinked for ready reference of our readers. THE CENTRAL GOODS AND SERVICES TAX ORDERS, 2017 Sr. No. Order No […]

No depreciation on inflated portion of cost of capital asset

January 8, 2020 1086 Views 0 comment Print

ACIT Vs Educomp Infrastructure & School Management Ltd. (ITAT Delhi) it is beyond doubt that the relevant capital asset in the form of the building of the assessee corresponding to the expenditure not incurred actually by those two contractors mentioned above, did not come into existence and thus the assessee cannot be entitled for depreciation […]

Tips for Govt Employees & pensioners for giving Income-Tax Declarations

January 8, 2020 5556 Views 1 comment Print

Income –Tax Tips for Government Employees and pensioners for giving Income-Tax Statements in Feb 2019 and March 2019 All employees, whether government or Non-Government have to give Income-Tax statements in Feb 2019 to process their salary of Feb 2019. In certain cases, they have to give Income –Tax statements in March 2019. As far as […]

Clarification on SIMS Registration for SEZ/DTA

January 8, 2020 6513 Views 1 comment Print

In case an item of steel gets registered under SIMS at the time of entry into SEZ/FTWZ, there is no need to seek SIMS Registration again at the time of supply of such item into DTA. Policy Circular No. 30/2015-2020 Dated: 08th January, 2020. F. No. 01/89/180/MONI-5852/AM-3/PC-II(A)/ P-13343 Government of India Ministry of Commerce & […]

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