Amendment of section 87A (Rebate) of Income-Tax Act,1961 (w.e.f FY 2019-20)

An assessee, being an individual resident in India, whose total income does not exceed Rs. 500,000/-, shall be entitled to a deduction, from the amount of income-tax computed on his Taxable Total Income, ie, after Chapter VIA deduction, an amount of income tax computed or Rs. 12,[...]

Apostillation and Notarisation of Documents

Apostillation: An Apostille is a stamp of approval to authenticate the signature of the public official who has certified that the documents presented are true and correct. The Apostille then validates that the signature originates from an individual who has the authority to cert[...]

E-Form FC-2 Return of Alteration in the Documents Filed For Registration by Foreign Company

IntroductionA foreign company means any company or body corporate incorporated outside India which, has a place of business in India whether by itself or through an agent, physically or through electronic mode; and conducts any business activity in India in any other manner.Purpo[...]

TDS and TCS under GST

TDS under GST law TDS is to be deducted if the total value of individual contract exceeds 2.5 lakhs at the rate of 2 percent on payments made to the supplier of taxable goods and/or services. No need of deduction of Tax is required when the location of supplier and place of s[...]

Tax Benefits from Joint House property

So if you are having a co owned House property, and you are looking for benefits which you will get in the form of deduction U/s 24 and 80C ? In this article we will discuss about benefits which you shall get from co owning the property: 1. Double Benefit for Deduction [...]

Taxability of Interest in NRE and NRO A/C

So you are an NRI and similar to many NRIs you are also having NRE/NRO account, In this article we will discuss about taxability of Interest earned on money kept in such accounts and basic difference between NRE/NRO Account. On first note let’s discuss about basic meaning[...]

Requirement of Submitting Form 15CA & 15CB

So, you are planning to make payment or money transfer outside of India, we need to follow certain rules and compliances for such transactions and transfers. Certain Foreign remittances have tax implications which sometimes are missed out by the tax payers. As per the Income [...]

Relevance of Personal Financial Planning

In our daily life we focus on arranging our finances for immediate needs like paying school fee, arranging funds for EMI on car or home loan, buying clothing, and the list is endless. In order to improve the quality of our daily life, we need to take control of our finances. [...]

Ineligible Input Tax Credit (ITC) under GST

As per CGST Act, input tax credit for following goods and services are not available or is ineligible: 1. Motor Vehicles or Conveyances ITC cannot be claimed on motor vehicles if they are used for self-consumption by companies or individuals. However, ITC can be claim[...]

Section 80TTA vs 80TTB

Section 80TTA Section 80TTA provides a deduction on Income earned from Savings Account. Applicability 1.Individual 2.HUF Limit Maximum Deduction allowed is Rs. 10,000/-. It is not applicable on Interest earned from Fixed Deposit, Recurring deposit and any other Time Dep[...]

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