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Definition of Section 80P for Co-operative Society A cooperative society is not being found out, particularly for the intention of section 80P. But section 2(19) of the Income Tax Act, 1961, defined the co-operative Societies Act, 1912 or beneath the additional law of controlling the enrollment of the co-operative societies in any state. Note: “The […]
Form 10B is to get filed via trust or institution that holds the enrollment u/s 12A or who submits an application for enrollment via furnishing of the Form 10A. Form 10B poses an audit report that is furnished by a CA on the assessee’s nomination. Income tax form 10B would be accessed and submitted online […]
The Pune bench of the income tax appellate tribunal ITAT mentioned that there would be no income tax subjected to pay on the software licence sale, support, maintenance because of being a non-royalty beneath the India-Singapore tax pact. The taxpayer is the owner of BMC software Asia pacific Pte ltd the company that has been […]
Know About Statement of Financial Transaction Statement of Financial Transaction (SFT) poses the report of the mentioned financial transactions by the particular individual along with the stated reporting financial institutions. These people who enrol, maintain or record these particular financial transactions are compulsory to submit SFT to the income tax authority or these people authority […]
Budget 2022 is all about to be presented on 1st February 2022 with lots of expectations to be projected on common people demand. The economic survey has defaulted on multiple schemes earlier and now the union finance minister is set to present the same. There are multiple expectations from the budget 2022-23 which will be […]
The income tax act provides the tax deductions on the interest and the principal component of the home loan beneath various sections and the total tax deductions which a person would take on the home loan of up to Rs 5 lakh. Tax Deduction on Principal Beneath the tax deduction of Rs 1.5 lakh of […]
The income tax department has circulated the Availability of the audit report and the process flow towards audit reports in e-filing 2.0. The process flow towards the audit reports excluding Form 15CB and Form 10CCB poses that the assessee needs to add CA in My CA functionality beneath the assessee login. When a CA is […]
Impact of No Taxes in India The system of tax is so difficult in India. As a CA student, it would diminish your taxation syllabus which is difficult for many students to crack. As an assessee in India, they would surely find it cool as they do not need to give the time to all […]
At Rs 10 lacs the income tax towards one person entails the payment of the income tax of Rs 1,17,000. However, if the planning is done effectively then one does not require to pay the income tax on your income of Rs 10 lakhs. The government so as to surge the savings and furnish the […]
