CAclubindia Articles

Can you get Tax Deductions for Both HRA and Home Loan Interest Simultaneously?

Tarun Kumar Madaan 26 May 2023 at 08:59

House Rent Allowance (HRA) is an allowance employers provide to cover the expenses of rented housing for employees. The Income-tax Act allows for an exemption on HRA if an employee resides in a rented house. Additionally, the Act permits a deduction on the interest paid by an individual taxpayer on a home loan.

Section 60 Provisional Assessment under GST: A Comprehensive Guide

CA Harshit Goyal 26 May 2023 at 08:59

In this article, we will delve into the details of Section 60 and explore the procedures involved in the provisional assessment process.

Secretary Auditor penalty for omitting related party information

CS Divesh Goyal 25 May 2023 at 09:39

This is a classic example of a secretarial auditor being penalized by the Registrar of Companies for failing to report material-related party transactions in their secretarial audit report.

CBDT launches Tax Calculator for FY 2023-24

Rashmi 25 May 2023 at 09:01

The Central Board of Direct Taxes (CBDT) has introduced a new Income tax calculator for the financial year 2023-24. This calculator is designed to be user-friendly and helps individuals and businesses calculate their tax obligations more easily.

An Overview of Trusts

Mohd Zain 25 May 2023 at 09:01

A Trust is not a separate legal entity, therefore the tax law uses the concept of the representative assessee to tax the trust as given under section 160 of the Income Tax Act, 1961.

Registering as an Indian Subsidiary Company: Things you should know

Ishita Ramani 25 May 2023 at 09:01

An Indian subsidiary refers to a company that is owned or controlled by another company. It is a business entity where the majority or partial ownership lies with a holding company.

Penalty for non-compliance with companies main objective

CS Divesh Goyal 24 May 2023 at 17:42

As stated in Section 4 of the 2013 Companies Act when combined with Section 10. The Act's provisions under section 4(1)(c) state, among other things, that the company's memorandum must list the object for which it is intended to be formed as well as any other information deemed relevant to those purposes.

GST Pre-Audit Advantages & Other Updates

CA Akshay Hiregange 24 May 2023 at 16:11

In this article we focus on certain advantages taxpayers can obtain through pre-departmental audits conducted by competent professionals.

Demystifying GST Audits: A Comprehensive Guide to Section 65 & Rule 101 - Essential Insights for Businesses

CA Harshit Goyal 24 May 2023 at 14:09

In this article, we will delve into the intricacies of these provisions, shedding light on the audit process from both the taxpayer's and the tax authorities' perspectives.

Comprehensive Guide to Gold Purchases, Possession Limits and Taxation in India

Rashmi 24 May 2023 at 08:54

Considering the cash transaction limits under income tax laws, transactions in cash above Rs 2 lakh in a single day are not permitted. Section 269ST of the Income Tax Act, 1961, prohibits cash transactions exceeding Rs 2 lakh in a single day or in aggregate from a person.