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 […]
ITAT Mumbai Bench ruled that Share Transfer without consideration or at a price lower than Fair Market Value (FMV) is chargeable to income tax.
Q.1 Where I can find detailed step by step instruction on filing an application? Ans. Please check HELP file for details on DGFT website Q.2 How do I know if a BRC is eBRC or manual BRC? Ans. From 17.08.2012, banks transmit all BRC data electronically to DGFT. Such BRC is called ‘e-BRC’. BRC issued […]
ARA, Rajasthan has pronounced judgment on 27.8.2021, in the case of Tej Jain, Jaipur (2021) 36 J.K.Jain’s GST & VR 308, that; ‘Per Explanation (ii) to notfn No.8/2018-CT(R) dated 25.1.2018, in case of Old and used Refurbished Car, GST is to be levied on ‘Margin’, which shall be the difference between the Selling Price and […]
Gypsum Board in question is made-up of Gypsum, glass fibre and additives, cannot be called as Glass-Fibre Reinforced Gypsum Board (GRG) and as such cannot be classified under entry No. 92 of Sch. II of notfn No.1/2017-CT(R) dated 28.6.2017, which provides specific rates for GRG board under chapter 44 or and chapter.
