Appeal to generously donate to ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)’. This fund will enable micro-donations as a result of which a large number of people will be able to contribute with smallest of denominations.
Insurance Regulatory and Development Authority of India Relaxation of timelines for certain provisions of the IRDAI (Re-insurance) Regulations, 2018 In view of Covid-19 pandemic, Government of India has initiated various measures including enforcement of lock-down in various areas. Similar steps are also initiated by Governments of various countries which could result in disruption in the operations […]
Notification/ Circular/ Advisories Issued by the Ministry of Corporate Affairs in view of COVID-19 outbreak 1. Special Measures under Companies Act, 2013 (CA-2013) and Limited Liability Partnership Act, 2008 in view of COVID-19 outbreak In order to support and enable Companies and Limited Liability Partnerships (LLPs) in India to focus on taking necessary measures to […]
24 Key Highlights Of RBI Governor Press Conference dated 27.03.2020 1. Banking system in India safe; deposits safe in private bank; public should not resort to panic withdrawal, says RBI Governor 2. Rs 3.74 lakh crore liquidity to be injected into system through measures announced today, says RBI Governor 3. Moratorium on term loan, deferring […]
Dear Friends, as you know, the whole India is in lockdown situation for 21 days, to avoid spreading COVID -19. Our Central Government and State Governments are trying their level best so that, this epidemic can be stopped at the initial stage. We, the Citizens of India has now the opportunity to contribute a little […]
Remuneration to Partners -1. Payment to a non-working partner will not be allowed as a deduction. 2. A ‘working partner’ is an individual who is actively engaged in conducting the affairs of the business or profession of the firm. 3. Quantum of allowance is to be determined with reference to ‘book profit’ which is defined to mean an amount computed in accordance with the provisions of sections 28 to 44D of the Income-tax Act, as increased by the amount of remuneration to partners if deducted in determining book profit.
W.e.f. 1-4-2008, if an employer providing such facility to his employee is not liable to pay fringe benefit tax, the value of such perquisite shall be : a) Nil, if the motor car is used by the employee wholly and exclusively in the performance of his official duties. b) Actual expenditure incurred by the employer on the running and maintenance of motor car, including remuneration to chauffeur as increased by the amount representing normal wear and tear of the motor car and as reduced by any amount charged from the employee for such use (in case the motor car is exclusively for private or personal purposes of the employee or any member of his household).
The Hindu Undivided Family can best be defined as a family that consists of a common ancestor and all his lineal male descendants and their wives and unmarried daughters. The Hindu Undivided Family (HUF) cannot be created by acts of any party. The only exceptions are in the case of an adoption or a marriage when a stranger may become a HUF member. An undivided family, which is a normal condition of Hindu society, is ordinarily joint, not only in estate but also in food and worship.
The income tax department has asked all deductors to register their TAN on NSDL web site. Once registered, the deductors will be provided User ID and password for authenticated access. Benefit of registration- The access will result in the following benefits to the deductors. View of status of all statements filed;
It is proposed to amend this section 80D to include any payment made by an assessee on account of preventive health check-up of self, spouse, dependant children or parents(s) during the previous year as eligible for deduction within the overall limits prescribed in the section. However, the proposed deduction on account of expenditure on preventive health check-up (for self, spouse, dependant children and parents) shall not exceed in the aggregate Rs.5,000.
