Ineligible ITC under GST Notwithstanding anything contained in sub-section (1) of section 16 and subsection (1) of section 18, input tax credit shall not be available in respect of the following, namely:— 1. Motor vehicles and other conveyances :- Input tax credit is not available for motor vehicles used to transport persons, having a seating […]
Eligible Business under section 44AD The presumptive taxation scheme of section 44AD of income tax Act 1961 can be adopted by following persons: Resident Individual Resident Hindu Undivided Family (HUF) Resident Partnership Firm (not LLP (Limited Liability Partnership Firm) Section 44ADA of Income Tax Act for AY 2018-19 {Section 44AD in Hindi} In other words, […]
What is pre-construction period? While computing income chargeable to tax under the head “Income from house property” in case of a let-out property, the taxpayer can claim deduction under section 24(b) of income tax act on account of interest on loan taken for the purpose of construction of home, purchase, repair, renewal or reconstruction of […]
Right and liabilities of buyer and seller in Immovable property Section 55 of transfer of property act 1882 describes right and liabilities of buyer and seller. In any property transaction, buyers and sellers are subject to Right and liabilities. In the absence of a contract to the contrary, the buyer and the seller of immovable […]
Compute Income from house property Income chargeable to tax under the head “Income from house property” in the case of a let-out property is computed in the following manner: Particulars Amount Gross annual value XXX Less:- Municipal taxes paid during the year XXX Net Annual Value (NAV) XXX Less:- Deduction under section 24 -Deduction under section 24(a)) […]
Insurance claim in installments Exposure Draft on the Guidelines on settlement of personal accident and benefit based health insurance claims in installments.Insurance Regulatory and Development Authority (IRDAI) constituted a working group to examine the concept of settlement of Personal Accident and Benefit Based Health Insurance Claims in installments vide IRDAI order ref IRDA/HLT/ORD/Misc/171/10/2018 dated 12.10.2018. […]
Who is covered by tax audit ? FAQ deals with Income Tax Audit Provisions in India. As per section 44AB, following persons are compulsorily required to get their accounts audited:- A person carrying on business, if his Gross/total sales, turnover or gross receipts (as the case may be) in business for the year exceed or […]
The Constitution of India is the supreme law of India. The document lays down the framework demarcating fundamental political code, procedures, structure, powers, and duties of government institutions with sets out fundamental rights, directive principles, and the duties of citizens. It is the longest written constitution of any country on earth, At its enactment, […]
क्या व्यापारी की टैक्स चोरी पर ट्रांस्पोर्टर की गाड़ी को जब्त किया जा सकता है?||Can the transporter vehicle be seized on the person(trader) tax evasion? यह एक महत्वपूर्ण प्रश्न है जो को ट्रांसपोर्टर के लिए अभी तक के कर प्रावधानों मे एक बहुत बड़ी समस्या थी | इलाहाबाद हाइकोर्ट के फैसले के आधार पर कहा […]
तलाक होने के बाद भी पत्नी का हक़ है गुजारा-भत्ता भारतीय कानून व्यवस्था में महिलाओ के हितो में कई महत्वपूर्ण कानून आये, और उनका भरपूर फायदा महिलाओ द्वारा लिया गया, इन्ही में से एक कानून है गुजारा-भत्ता व भरण-पोषण कानून जो की महिलाओं के लिए एक उपयोगी कानून है, जिसके तहत जब महिला के पति […]
