The Finance Act 2020 and 2021 has brought in some dynamic changes in respect of the exempted Trusts, Societies, NGOs, Charitable Trusts, Section 8 Companies including educational, medical, and/or religious institutions complying with the certain rules of registration under the Income Tax Act, 1961. The registrations were perpetuity in nature, and their registrations could be […]
In our view, the decision of AAR is correct in law. If any facility is directly related to transportation of passengers and is incidental to such transportation service, then such service shall form part of composite supply and shall be charged as per GST rate applicable to the principle supply.
Article deals with Exemption from Long Term Capital Gain Tax under Section 54, 54EC, 54F of Income Tax Act, 1961. Article explains on Sale / Purchase of which Asset under which section exemption is eligible, condition for such exemption, Quantum of Deduction and Exceptions to Exemption under Section 54, 54EC, 54F of Income Tax Act, […]
Section 206AB states that where, for any transaction, a TDS has to be deducted under any provision of the Income Tax Act, such TDS shall be deducted at a higher rate if the transaction is entered with a Specified Person. Similarly, for any transaction where a TCS has to be collected, such TCS shall be collected at a higher rate if the transaction is done with the Specified Person.
1. ITR – 1 (SAHAJ) – Applicable for Individual– This form is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources upto Rs. 50 lakh. ♦ Salary/Pension ♦ One House Property ♦ Other sources ♦ Agricultural Income upto Rs.5000. But, this ITR – 1 cannot […]
Insolvency and Bankruptcy Board of India Pre-Packaged Insolvency Resolution Process – Information Brochure About the Code The Insolvency and Bankruptcy Code, 2016 (Code) provides for a time-bound, market mechanism for reorganisation and insolvency resolution of persons (companies, limited liability partnerships, partnership and proprietorship firms and individuals) in financial distress. The objective of such reorganisation and […]
