"24 September 2021" Archive - Page 5

Income Tax Portal And Benefits Around It

The new income tax portal https://www.incometax.gov.in/iec/foportal/  was launched by CBDT on 7th June, 2021. he portal has been redesigned so as to provide the facility of Income tax return filing in a modern and seamless manner. STRUCTURE OF THE NEW INCOME TAX PORTAL The new income portal can be assessed according to the following ways...

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Posted Under: Income Tax |

Difference Between EPF, PPF & NPS and Tax Benefits

The scheme was initiated under the Employee’s Provident Fund and Miscellaneous Act, 1952, for the benefit of employee after his retirement. The scheme was a collection of fund by the employer and employee. FEATURE OF THE SCHEME: ♦ Under this scheme, the employer and employee both contributes the 12% of the employee’s salary and dear...

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Posted Under: Income Tax |

How to determine residential status & different residential statuses

The tax structure of India is very complex in nature. It depends upon the nature of persons, age, residential status, nature of income etc. The taxability of an assessee in India depends upon his residential status in India for any particular financial year. An individual may be a citizen of India but may end up […]...

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Posted Under: Income Tax |

Section 80IB deduction eligible on receipt from Scrap generated during manufacturing

ACIT Vs Jakson Limited (ITAT Delhi)

Receipts from sale of scrap being part and parcel of the activities and being approximate thereto would also be within the ambit of gains derived from industrial undertaking for the purposes of computing deduction u/s 80IB...

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Sukanya Samriddhi Yojana And Tax Benefits

Our Prime Minister, Narendra Modi launched the scheme named ‘Sukanya Samriddhi Yojana’ as a part of Beti Bachao Beti Padhao campaign. The government of India launched a social campaign on 22nd January, 2015.The Beti Bachao Beti Padhao campaign gives awareness about ‘Save Girls, Educate the Girl Child’. WHAT IS THE SUKANYA SAMRIDDH...

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Posted Under: Income Tax |

Reverse Charge Mechanism Under GST Act

Reverse charge mechanism (RCM) is the mechanism where GST is collected by the buyer instead of seller. There are two types of reverse charge that is ♣ On the basis of nature of supply or on supplier covered under section 9(3) of CGST/ SGST (UTGST) act and 5(3) of IGST Act ♣ On the basis […]...

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Posted Under: Income Tax |

Single Purchase & sale Transaction of shares cannot be treated as Business Activity

Sak Industries Pvt. Ltd. Vs DCIT (ITAT Chennai)

Sak Industries Pvt. Ltd. Vs DCIT (ITAT Chennai) We find that the assessee has purchased 1,25,000/- equity shares of ING Vysya Bank during the month of January and February, 2009 and subsequently during the month of September, 2009 all the shares are sold. The assessee also shows the above transaction in its books of accounts […]...

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Master Direction – RBI (Transfer of Loan Exposures) Directions, 2021

RBI/DOR/2021-22/86 DOR.STR.REC.51/21.04.048/2021-22 24/09/2021

Loan transfers are resorted to by lending institutions for multitude of reasons ranging from liquidity management, rebalancing their exposures or strategic sales. A robust secondary market in loans can be an important mechanism for management of credit exposures by lending institutions and also create additional avenues for raising liquid...

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RBI (Securitisation of Standard Assets) Directions, 2021

RBI/DOR/2021-22/85 DOR.STR.REC.53/21.04.177/2021-22 24/09/2021

Securitisation involves transactions where credit risk in assets are redistributed by repackaging them into tradeable securities with different risk profiles which may give investors of various classes access to exposures which they otherwise might be unable to access directly....

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Understanding Different Deposits & Applicable Tax Benefits

Firstly if we talk about banks, we all are about the banks and the scheme they provide if you have visited or opened an account in bank. Bank and money are the words we use normally for our day to day life, if we put our money in the bank we considers it to be […]...

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Posted Under: Income Tax |

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