Articles by CA Santhosh Gupta Kethepalli
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Amendments made by Finance Act 2020 relating to Trusts
Finance Act, 2020 has made changes with respect to the provisions related to Trusts and NGOs claiming exemption u/s 11 or u/s 12 of the Income Tax Act, 1961. Let us understand those changes.
Section 80JJAA: Deduction in respect of employment of new employees
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.
Section 80D - Deduction in respect of Medical Insurance Premium under IT Act
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) - A beginners guide!
TCS u/s 206C (1H) will be applicable w.e.f 1st October 2020. Understand the provisions of the section here.
Cases where Income of a Previous Year will be assessed in the Previous Year Itself under Income Tax Act
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.
E-Assessment- The new Income Tax Regime
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.
Section 80EEB| Deduction in respect of interest payable on Loan taken for Purchase of Electric Vehicle
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
Section 44ADA- Presumptive taxation scheme for assessees engaged in eligible profession
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.
GST Registration: Eligibility and Procedure
Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both.
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