Section 10(13a) House Rent Allownace (HRA) Meaning, Exemption, Calculation & Recent Judgements 1. Meaning of House Rent Allowance: – House Rent Allowance (HRA) is an allowance paid by an employer to its employees for covering their house rent. Such allowance is taxable in the hand of the employee. The Exemption on HRA is covered under […]
Cases for which the time limit for completion expires on 31.03.2022 pending with the jurisdictional Assessing Officer as on 15.03.2022 or thereafter, which cannot be completed as per the procedure laid down under Section 144B of the Act due to technical / procedural constraints in the given period of limitation
An expatriate means a person visiting India or an Indian visiting outside India for employment purposes. In this article, we shall discuss the taxation & legal formalities to be followed by Expats on arrival in India. LEGAL FORMALITIES TO BE FOLLOWED BY EXPATS 1. Registration of Foreign National with Foreigners Regional Registration Officer (FRRO) All […]
AAAR Rajasthan held that Hostel Accommodation service for students with allied services, like Food etc. have been treated as Mixed Supply, attracting the highest rate of tax.
RBI specifies ten crore rupees as net owned fund (NOF) required for Investment and Credit Company (NBFC-ICC), Micro Finance Institution (NBFC-MFI) and Non-banking financial company – Factor (NBFC-Factor) to commence or carry on the business of non-banking financial institution from October 01, 2022 subject to some conditions. RESERVE BANK OF INDIA (Department of Regulation) CENTRAL […]
CBDT issues Income Tax Circular 06/2022 | Dated: 17th March, 2022 to condone the default in filing Form 10-IC to avail lower tax rate of 22% under section 115BAA for AY 2020-21. Form 10-IC can now be filed till 30 June 2022, if Income Tax return was originally filed within due date and the option […]
The status of Chennai-Bengaluru (CBIC), Bengaluru-Mumbai (BMIC) and Hyderabad-Bengaluru (HBIC) is as under: 1. Chennai Bengaluru Industrial Corridor (CBIC): Three nodes namely Tumakuru in Karnataka, Krishnapatnam in Andhra Pradesh and Ponneri in Tamil Nadu have been identified for development under CBIC. Status of these Nodes is as under: Krishnapatnam Node: Project was approved by Government of […]
In the event, the said three certificate as submitted to the schedule bank operating the separate account entitles a promoter to withdraw a particular amount and if the promoter chooses to withdraw the said amount in tranches, then for every such withdrawal fresh certificates from project architect, project engineer and charted accountant in practice need not be submitted.
Since 18th April, 2020, 347 FDI Proposals have been received by the Government from countries sharing land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country. The value of investments proposed in the aforementioned proposals received by the Government is […]
The limit on OPS may be further relaxed by the Stock Exchanges based on the increased peak order load observed and corresponding upgrade of infrastructure capacity to ensure that the capacity of trading system of the Stock Exchange remains at least four times the peak order load.
