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Section 2(68) of the CGST Act, 2017 defines job work to mean as 'any treatment or process undertaken by a person on goods belonging to another registered person'.
The maximum deduction allowable is ₹150000/-. The deduction of up to ₹150000/- under section 80EEA is over and above the deduction available under section 24(b) in
The new scheme was slated to bring in a paradigm shift in the way tax assessments were carried out in India by eliminating person-to-person contact to the extent it is technologically feasible, providing a fair and transparent framework of assessments, ensuring the tax assessments were technically sound and that consistent tax positions were taken.
An individual who has taken a loan for the purchase of an Electrical Vehicle from any Financial Institution is eligible to get the benefit of deduction of interest payable on loan under section 80EEB
With the rise in online trading avenues as well as investor awareness, a larger number of people are now channeling their investments into the financial markets.
TCS refers to the tax which is collected by the Electronic Commerce Operator when a supplier supplies some goods or services through its portal and the payment for that supply is collected by the Electronic Commerce Operator (ECO)
What is the treatment of conversion or treatment of a capital asset as stock-in-trade?
Ind AS 41, Agriculture is the first standard that specifically covers the Accounting and Reporting requirements for the Primary sector. Prior to this standard, there were no established guidance on Agriculture and Allied Industry.
Scheme for presumptive taxation was introduced under section 44ADA from the F.Y.2016-17. Section 44ADA provides a simple method of taxation for Specified Small professionals. Earlier, the presumptive scheme of tax was applicable only for small business.
Section 44AD covers provisions to reduce tax burden and to provide relief from tedious work to small tax assesses, the government of India has incorporated a scheme of presumptive taxation.
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