In the Union budget 2020, the Finance Minister proposed a New Tax Regime as an alternative to the existing Old Tax Regime.
Income tax act provides tax benefits to borrowers of home loan with respect to principal repayment, interest payment and registration charges
One of the salient features of section 44AD is that the deduction under section 30 to 38 shall be deemed to have been allowed.
In order to discourage cash transactions and move towards less-cash economy, Section 194N was inserted vide Finance Act, 2019
Section 44AE provides for estimating the business income of an owner of goods carriages from the plying, hire or leasing of such goods carriages.
Income received by any university or educational institution existing solely for educational purposes and not for purposes of profit, and which is wholly or substantially financed by the Government is fully exempt from tax
Income Tax Return (ITR) is a declaration of incomes and taxes thereon by tax payers. It is required to be filed in each assessment year for the incomes in earned in previous year. You had earned incomes and paid taxes (TDS/Advance tax) in previous year.
Professional tax is an indirect tax imposed by the state governments in India. A person earning an income from salary, trades, callings, or practicing a profession are required to pay this tax.
Change in TDS on cash withdrawal from 1st July 2020!
Multilateral Instruments (MLI) is indeed the talk of the town in the world of International Taxation. Under the OECD*/G20 inclusive framework on Base Erosion and Profit Shifting (BEPS), more than 125 countries are collaborating to put an end to tax avoidance strategies that exploit the gap and mismatches in tax rules to avoid paying taxes.
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