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25 November 2020 at 16:27

SEC 54

IF I HAVE 3 RESIDENTIAL HOUSE OF WHICH I SOLD ONE AND PURCHASE ANOTHER ONE, IN THIS CASE WHETHER I CAN CLAIM EXEMPTION U/S 54....?


25 November 2020 at 14:31

Section 194C

The finance act 2020 amend Income Tax Section 194C .
Amended clause (iv) & change the definition of works contract.
While reading the changes . I am not
Understand exact meaning .
Please elborate the same; with an example .
Regards
Rajkumar Gutti


25 November 2020 at 14:26

Section 194C

The finance act 2020 amend Income Tax Section 194C .
Amended clause (iv) & change the definition of works contract.
While reading the changes . I am not
Understand exact meaning .
Please elborate the same; with an example .
Regards
Rajkumar Gutti


Hi,

If a proprietor pays rent of Rs 51,000 per month (this is paid to 3 different owners Rs 17,000 each) , then would he be liable to deduct TDS on the same?

50,000 per month limit is per owner or it should be considered in totality?

Regards,


Under Section 80 CCD (2) of the Income Tax Act 1961, should the employers contribution to NPS be restricted to 10 per cent of salary (basic+DA) or 14 per cent of salary (basic+DA) as far as Central Government employees are concerned?

What should be added to gross salary as far as employers contribution to NPS is concerned? Should it be 10 per cent of salary (basic+DA) or 14 per cent of salary (basic+DA) as far as Central Government employees are concerned?


25 November 2020 at 10:30

Uniform Allowance

What would be the income tax treatment for Uniform Allowance?


25 November 2020 at 10:28

Section 10(5) of the Income Tax Act,1961

We Central Government employees have the benefit of Leave Travel Concession (LTC) wherein the rail fares/air fares are borne by the Central Government. What would be the income tax treatment for it?

Further we Central Government employees can encash 10 days of our Earned Leave on availing Leave Travel Concession (LTC). Should the amount received on leave encashment on LTC be added to gross salary? What would be the income tax treatment for it?

Is Section 10 (5) of the Income Tax Act applicable to Central Government employees? What are its provisions with reference to Central Government employees?


25 November 2020 at 10:21

26AS sft transaction regarding


Dear Sir,
assessee ki annual turnover is approx 76 lacs and in 26AS sft transactions mein 52 lacs current a/c show ho raha hai. Assessee filling his return u/s 44AD. Besides itr filing any other compliance is required or not ?


24 November 2020 at 21:39

AUDIT OR NOT AUDIT

SIR,
I AM A SMALL TRADER , MY TURNOVER IS APPROX 80,00,000/- YEARLY , MY NET PROFIT 4% , AUDIT IS COMPULSORY FOR ME ?


24 November 2020 at 20:02

Tax relief for retired employees under VRS

An employee has been retired under VRS and received an ex gratia payment of Rs.915240/- as first installment in the month of March 2020. His total ex gratia amount is a around Rs.28lakhs ,which covers next 42 months salary ( which is maximum under VR Scheme ). Employee's superannuation date is 30/06/2024. VRS effective date was 01/02/2020. As per Form 16, Rs.500000/- has been deducted as exemption under Section 10. Apart from this relief, can he claim any other relief U/S 89 of IT Act by submitting form under Rule 10E. Please clarify



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