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For talented students, the dream of obtaining a foreign degree has become far-fetched, as tax will be collected at source TCS if the remittance amount exceeds Rs 7 lakh. While the TCS rate will be 0.5 percent (Till 31st March 2021: 0.375%), when the amount is received from a financial institution. Whereas if it is […]
Under the Amnesty scheme 2020, Kerala GST officials provide instructions for the settlement of arrears. The province of Commissioner of KGST in the context of Kerala Finance Bill, 2020 to assure constancy in bringing out the improvements performed in different Laws and conditions with regards to Amnesty Scheme, 2020The Indian government is planning to launch […]
According to section 54F of the Income Tax Return (ITR) The income tax department has declared that ITR 1, 2, 3, 4, 5, 6 & 7 for AY 2019-20 is now available for e-Filing and soon other ITRs will also be available, the assessee is free to do the investment in the house property in […]
Is capital gain suitable for the consideration of procured land in the 1970s? Yes, it is. Endorsing the Income Tax Department’s judgment for filing the return in the assessment year 1971-72 in 2020. The supreme court for refusing the petition upon the applicability of capital gains tax in the case which had begun in 1970. […]
To mitigate the inconveniences faced by top executives of firms the Directorate General of GST Intelligence (DGGI) released broad guidelines to officers to avoid excesses. The released guideline clearly directed all the officers to not issue a summons to top executives of firms including PSUs. In a circular released on August 14, it has been […]
Read this informative post to find GST rates for scrap material with HSN Code, including plastic, rubber, wood, and paper waste. 54th GST Council Meeting – A 2% TDS will be deducted when a registered person sells metal scrap to another registered business. Latest Update What is the Meaning of Scrap? Scrap is nowhere related to GST […]
On Monday the Central Board of Direct Taxes (CBDT) announced the Income-tax (19th Amendment) Rules, 2020 with regard to non-furnishing of PAN by non-resident including FORM No. 49BA. The Income-tax Rules A simple way to understand all major changes under rebates and deductions in income tax rules for the FY 2020-21 (AY 2021-22). Also, we […]
The Income Tax Appellate Tribunal (ITAT), Bangalore, has ruled that according to the 2015 amendment made in section 54F of the Income Tax Act 1961, the benefit of capital gain deductions will be available to the one residential property only. Latest Update 14th November 2022 The ITAT of Pune bench has ruled that the construction […]
Section 194IA of the Income Tax Act 1961 states that tax should be deducted at source, during the sale of the property, by the buyer from the payment made to the seller. TDS is required to be deducted during the sale of every type of property except during the sale of agricultural land. TDS will […]
