Union Minister of State for Finance & Corporate Affairs, Shri Anurag Singh Thakur has expressed confidence that with concerted efforts of the Central Board of Indirect Taxes & Customs (CBIC), India would further improve its position in ranking for Ease of Doing Business.
Notification No. 5/2020-Customs (N.T./CAA/DRI) dated 27th January, 2020- Appointment of CAA by DGRI Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 5/2020-Customs (N.T./CAA/DRI) New Delhi, dated 27th January, 2020 S.O. (E). – In pursuance of notification No. 60/2015-Customs (N.T.), published vide […]
Sri. Girish V.Yalakkishettar Vs ITO (ITAT Bangalore) Section 44AD of the Act gives an option to the assessee to offer income on presumptive basis. These are special provisions. The assessee has opted for the same and offered to tax income at the rate of 8% of his turnover. The issue is whether, the Assessing Officer […]
It was submitted that therefore, the first proviso to section 148 of the Act would be attracted and the assumption of jurisdiction on the part of the Assessing Officer under section 147 of the Act is invalid.
Bombay High Court has held that sale made by transfer of documents while goods are in bonded warehouse would not qualify as exempt under Section 5(2) of the Central Sales Tax Act, relating to high sea sales. Observing that concept of crossing the customs frontiers of India is distinct from customs barriers of India, the High Court termed such sale as local sale.
In my today’s article I will discuss about the House Rent allowance (HRA). Now the catch here is that you an employee might trust your employer for allowing you the HRA, but at the same time you should know the right way of treatment of HRA in your Income Statement while you are filing your Income Tax Return.
Leave Travel Allowance (LTA) is the most common element of compensation adopted by employers to remunerate employees due to the tax benefits attached to it. Section 10(5) of the Income-Tax Act, 1961, read with Rule 2B, provides for the exemption and outlines the conditions subject to which LTA is exempt. Through this write-up, I want to shed light on the taxability and some other interesting relevant aspects which you as a salaried employee must keep in mind.
People working in government services or those working with government departments get pensions after retirement from their services additionally people who have contributed towards Employee Provident Fund (EPF) also get pension under Employee Pension Scheme (EPS), 1995. Even after the death of the employee their family members are also entitled to get the pension from the employer as well as under EPS.
One of the popular, preferred, and preeminent tax saving investments is PPF – Public Provident Fund. We all know about PPF. Do we know all about PPF? Let us discuss in detail about PPF in this article and understand it comprehensively and completely.
The important features of the automated clearance are as follows- I. The facility will only be for ICES locations where RMS is enabled and fully functional. II. All the Customs Compliance Verification (CCV) requirements under the Customs Act, rules,instructions etc will be done by the designated proper officer of Customs.
