In order to promote Employee generation, deduction under this section is given to all Assesses, whose books of accounts are required to get audited u/s.44AB. Know more about the section here.
In the present scenario, due to the arise of Covid-19, many people are purchasing Health Insurance policies. Premiums paid on such policies are eligible for deduction u/s 80D of Income Tax Act. Let us discuss the deduction.
TCS u/s 206C (1H) will be applicable w.e.f 1st October 2020. Understand the provisions of the section here.
The income of a previous year is assessed in the assessment year following the previous year. However, there are certain exceptions to this rule. Let us understand those.
To prevent the practice of receiving a sum of money or the property without consideration or for inadequate consideration, section 56(2)(x) brings to tax any sum of money or the value of any property received by any person without consideration or the value of any property received for inadequate consideration.
Any registered person who issues a credit note in relation to a supply of goods or services or both shall declare the details of such credit note in the return for the month during which such credit note has been issued
ITC means reducing the taxes paid on inputs from taxes to be paid on output. When any supply of services or goods is supplied to a taxable person, the GST charged is known as Input Tax.
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.