Basis of Charge Deductions Expenses not Deductible Section 56 Income chargeable to tax under the head “Income from other sources” shall include following: Dividends Income by way of winnings from lotteries, crossword puzzles, races including horse races, card games, gambling or betting of any form or nature whatsoever Any sum received by an employer from…
Index : Introduction Determination of Annual Value Deductions under House Property Amounts not deductible from Income from House Property Property owned by co-owners Deemed Ownership Composite Rent Section 22: Charging Section Rental Income (Annual Value) is taxable under the head Income from House Property if it satisfies the following two conditions: There should be House…
Definition of Allowance U/S 10 of Income Tax Act 1961. House Rent Allowance — Section 10(13A) Prescribed special allowances — Section 10(14) Entertainment Allowance – Section 16 (ii) Format for Computation of Income from Salary Allowances are given to employees for their services or as compensation for working in unusual conditions. Section 10 of the…
Index : Income from Head Salary. Definition. Valuation and Taxation of Perquisites. Deductions under Salary There is no definition of perquisite as such as per Sec 2 of the Income Tax Act, 1961 however Sec 17(2) provides inclusive definition of perquisites As per Sec 17(2) perquisites includes:- (i) The value of rent-free accommodation provided to…
Index : Introduction Blocked Credit -I Blocked Credit -II Blocked Credit – III Blocked Credit – IV Blocked Credit – V As per Section 16 (1), Every registered person, shall be entitled to avail input tax credit if the goods and services received is used or intended to be used for business purposes. Section 18(1)…
Introduction to TDS : To collect tax from source of income The Deductor to deduct tax and remit to the Government The Deductee can claim the credit on the basis of Form 26AS or TDS Certificate TDS to be deposited by 7th of Every month. Non payment/Non deduction of TDS:- Disallowance Sec 40(a)(i) and 40(a)(ia) Interest…
Introduction. Flow of GST. Reverse Charge. Liability to Pay under RCM Time of Supply of Services under Reverse Charge. Input Tax Credit Introduction : Under GST, usually the supplier of goods or services has to pay the tax to the Government. However, under the Reverse Charge Mechanism, the liability to pay GST is cast on…
COMPANIES FRESH START SCHEME – 2020
The Ministry of Corporate Affairs has launched a scheme known as “Companies Fresh Start Scheme, 2020” condoning the delaying filing the documents with Registrar, it relates to the waiver of additional fees & granting of immunity from launching of prosecution or proceedings for imposing penalty on account of delay associated with certain filings. Why CFSS…
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