BASICS: A house property can be anything which is attached to the land and it can be your house, your office, or can be a shop and also can be a building. The income tax does not distinguish between any of your commercial place or your house where you stay. All the properties are taxed […]
INCOME FROM CAPITAL GAINS Any profit or gain which is earned by transferring the capital assets which was held for investment will be taxable under the head of ‘Income from Capital Gain’. The gain can be earned from any of the Short Term Capital Asset and Long Term Capital Asset. When Capital Asset is transferred […]
SECTION 80C – DEDUCTION ON INVESTMENT: Section 80C is the most favorite section of all the income tax payer because it allows to reduce the tax liability of the tax payer by making tax saving investment and collect eligible expenses. It allows a deduction of maximum Rs 1, 50, 000 every year from the total […]
MEANING: Clubbing of Income as the term suggests it means adding the income of other person’s income in the income of the person who is paying the tax. This term is explained under Section 64 of the Income Tax Act. Though, there are certain restriction to specified person and to specified scenario which are mandatorily […]
During the time slot of COVID-19 Pandemic record breaking Demat accounts and Trading accounts have been opened in Share Market in India. In the past more and more people use to invest their funds in FDs , Post Offices, Bonds etc. as a traditional method in search of some additional Income, due to increasing inflation […]
Understand your rights and obligations as an Indian taxpayer. Discover the Indian Taxpayers’ Charter and learn how it ensures justice and fair play in tax collection.
Revocation, literally means “the official cancellation of a decree, decision, or promise.”. So revocation of cancellation of registration would literally mean, revival of registration which was canceled earlier. Today, we are discussing Revocation of cancellation of registration under GST. The relevant provisions which we shall be discussing are Section 30 of CGST Act, 2017 read with Rule 23 […]
Today we are discussing, Cancellation of GST registration. Cancellation of GSR registration implies that taxpayer will no longer be a GST registered person any more. He will not have to pay or be able to collect GST or claim input tax credit and accordingly, doesn’t need to file GST returns. The relevant provisions pertaining to […]
Proceedings under Section 74 of GST Act have to be preceded by a proper SCN – Jharkhand High Court quashed the Show Cause Notice (SCN) in respect of wrongful availment of Input Tax Credit (ITC) as it was vogue, unclear and lacked serious details.
ITAT Mumbai Bench ruled that Share Transfer without consideration or at a price lower than Fair Market Value (FMV) is chargeable to income tax.
