"23 August 2020" Archive

Section 80EE – Analysis of The Forgotten One

The boon for the first time home buyers, the section 80EE has been reintroduced from FY 2016-17. According to which, the interest paid on loan for buying house property shall be allowed upto Rs. 50,000/-. The said deduction can be claimed over and above Rs. 2,00,000/- under section 24 and Rs. 1,50,000/- under section 80C. […]...

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Posted Under: Income Tax |

जीएसटी रजिस्ट्रेशन के लिए नया नियम- इसमें भी व्यवहारिक समस्या है

जीएसटी रजिस्ट्रेशन के लिए जो नया नियम आया है जिसमें  अपने रजिस्ट्रेशन के प्रार्थना पत्र के साथ आधार का वेलिडेशन करावाना है और यदि...

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Posted Under: Income Tax |

Webinar on Intricacies of ITC with practical issues & solutions

It is our extreme pleasure to inform you that TaxGuru is organising a Webinar on Intricacies of Input Tax Credit along with Discussion on Relevant Advance Rulings by a renowned speaker CA Sunnay Jariwala....

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Posted Under: Income Tax | ,

New Form 26AS – The Game-Changer In Income-Tax

New Form 26AS – The Game-Changer In Income-Tax IMPLICATIONS TO ASSESSEES AND PROFESSIONALS IN THE FACELESS SCENARIO It seems to be a human trait not to divulge financial information to anybody outside their inner-circle.The experience of many tax professionals has been that similar restraint is observed by clients even in their cons...

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Posted Under: Income Tax |

Is Tonnage Tax Scheme Restricted only for Companies Handling Cargo?

IS TONNAGE TAX SCHEME RESTRICTED ONLY FOR COMPANIES HANDLING CARGO? It has been presumed by many that the benefit of Tonnage Tax Scheme (TTS) should only be restricted to companies with ships carrying on cargo handling activities. Since there are various other companies which are not handling cargo but are involved in moving men and [&hel...

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Posted Under: Income Tax |

GST & Income Tax on Joint Development Agreement

JOINT DEVELOPMENT AGREEMENT AND ITS TAXABILITY UNDER PROVISIONS OF THE GST ACT 2017 AND INCOME TAX ACT, 1961. A piece of land, carry various rights with it. An owner of a land has right to possess, right to easement, right to sale, right to rent, right to develop, right to sub-let, right to occupy and […]...

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Posted Under: Income Tax |

7 Common Mistakes Investors do While Investing In Debt Funds

In the recent times with the failures of payment on account of interest/principal on their bonds, debentures and other debt instruments issued by the large corporations i.e DHFL, Yes Bank, IL & FS, Reliance Home Finance Limited, Reliance Infrastructure Limited etc., resulting in the significant decline in NAVs of the Debt Mutual Funds...

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Posted Under: Income Tax |

Types of Partners

A partnership firm can have different types of partners with different roles and liabilities. It is important to know about the different types of partners for a clear understanding of their rights and responsibilities. Let us take a look at different types of partners.  1. Active or working partner: An active partner is the one who [&h...

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Posted Under: Income Tax |

GST on transfer of development rights and FSI

What is Joint Development Agreement The joint development agreement is a contract between a landowner and a real estate developer to build a new project on the land of the owner. There are 2 types of agreement that may be entered into, they are Revenue sharing or Area sharing, sometimes it is partly revenue sharing […]...

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Posted Under: Income Tax |

Confiscation & Penalties | Section 129 | CGST ACT 2017

Simplified GST Series- Offenses & penalties/Section 130-131/CGST ACT 2017 Article explains Section 130-Confiscation of goods or conveyances and levy of penalty and Section 131- Confiscation or penalty not to interfere with other punishments. Section 130-Confiscation of goods or conveyances and levy of penalty- (1) Notwithstanding anyt...

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Posted Under: Income Tax |