Deduction of home loan – Principal Interest……. There are mainly two components in repayment of home loan Instalment. Principal Amount and Interest part. An assessee get deduction of principal under section 80C of chapter VI A of Income Tax Act 1961 subject to maximum amount of Rupees 1,50,000 as mentioned in previous article. In the […]
Chapter VI-A contains deductions from Gross Total Income. It is to be noted that if there is no Gross total Income than no deduction will be permissible. That means maximum deduction one can claim from chapter VI-A is equal to his Gross total Income. The chapter contains deductions in respect of certain payments, deductions in […]
CARO 2020 is a new format for issue of audit reports in case of statutory audits of companies under Companies Act, 2013. CARO 2020 has included additional reporting requirements after consultations with the NFRA.** The aim of CARO 2020 is to enhance the overall quality of reporting by the company auditors. Every report made by […]
Get insights into the audit requirements under the Income Tax Act 1961. Understand the conditions for tax audits and how they apply to businesses and professionals.
NPS Registration using PAN (KYC verification by Bank/Non-Bank POP) 1. You must have a ‘Permanent Account Number’ (PAN) 2. Bank / Demat /Folio account details with the impaneled Bank/Non-Bank for KYC verification for subscriber registration through eNPS 3. Your KYC verification will be done by the Bank/Non-Bank POP selected by you during the registration process. […]
PTEC stands for Professional Tax Enrolment Certificate and PTRC stands for Professional Tax Registration Certificate. Usually these Registration are required to conduct business in Maharashtra and in many other States. PTEC allows to pay professional tax of a business entity and also of the professional or owner of the business. In other words PTEC allows […]
Digital Signature Certificates (DSC) are the digital equivalent (that is electronic format) of physical or paper certificates. As per Information Technology Act 2000 Digital signatures mean the authentication of any electronic record using an electronic method or procedure of mathematical scheme to verify the authenticity of digital documents or messages. Also, a valid digital signature […]
What is QRMP Scheme in GSTR ?? Quarterly return Monthly Payment Scheme proposed by government for the registered person who is required to furnish a return in FORM GSTR-3B, and who has an aggregate turnover of up to 5 crore rupees in the preceding financial year. Further in case the aggregate turnover exceeds five crore […]
Discover the tax benefits of Leave Travel Concession (LTC/LTA) under Section 10(5) of the Income Tax Act, 1961. Learn how to save on your taxable income.
As per the Income Tax Act 1961 A person making payment to other person upon a threshold limit need to deduct tax. In case of Employer making payment to his Employee in a term of Salary. Employer gives the details of salary in form 16 his total salary paid and credited to his account in […]
