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Deduction for the interest on loan taken for specific house property- Here the discussion is for the Outlines of Section 80EEA, Eligibility conditions to be qualified for deduction under 80EEA, Calculation of Deduction under Section 80EEA with Instances and Taxability of the deduction under Section 80EEA. Introduction to Section 80EEA Section 80EEA of the income […]
Finance Bill 2019-20 revises the Central Goods and Services Tax (CGST) Act with retrospective effect by inserting a new proviso in section 50(1) to compute the interest on late GST payments. Due to this amendment, there is now an arbitrary and illegal distinction between the balance in the electronic credit register (ECrR) due on cash […]
When the assessee failed to show a discrepancy between the 26AS form and income tax returns, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) recently affirmed the addition made by the assessing officer. Assessee Individual Vijay Kashinath Jagtap earns a salary from M/s. Pfizer Ltd. to support himself. The assessee filed his income […]
Through the Finance Bill, 2023, the government is likely to make changes to the Goods and Services Tax (GST) law that will prevent businesses from receiving tax credits for the purchases of goods and services that they make on behalf of the community as part of their corporate social responsibility (CSR) obligations. According to two […]
The Telangana Authority of Advance Ruling (AAR) ruled that an 18% GST would be levied to renting immovable property to an Educational Institution which was enrolled under section 12AA of the Income Tax Act 1961. The petitioner M/s. Bollu Siva Gopala Krishna asks for an advance ruling on the problem of whether the rental of […]
Before the Union budget, a suggestion has been incurred by the banking sector via the Indian Banks’ Association (IBA), to the Union finance ministry on direct tax along with the elimination of Section 194N of the Income Tax Act. Tax deduction at source (TDS) as per section 194N is needed to be executed when the […]
The main motive is to write this article to shortlist some basic and important GST questions with answers for businesses. These questions are very common and taxpayers might be stuck when working for GST compliance. Question 1: Does GST Apply to Education and Allied Services? Answer: A person runs a bus transport service in which […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), held that Capital gain exemption could not be refused when an investment is made within the due date of filing Income Tax Returns (ITR). The taxpayer, Munish Babaji Sawant sold a residential flat, but the capital gain that comes from the flat sale was not […]
Simple Description of the Income Tax Challan The Challan is a form used by the government for collecting taxes. The Income Tax department receives the tax through a challan first deposited with the authorized banks and then with the challan. The challan can be paid online via net banking or offline at designated bank branches […]
