Content Meaning of rental income Computation of taxable income What is a municipal tax Cases where municipal taxes allowed or disallowed Calculation for annual value of any property Treatment of arrear or unrealized rental income Advantages of rental income in India Disadvantages of rental income in India Meaning Rental income means any income received by…
Table of Content Section 194H commission or brokerage Section 194I rent Section 194IB Section 194M Section 194H commission or brokerage Meaning of commission or brokerage It includes any payment received or receivable, directly or indirectly by a person acting on behalf of another person for services rendered, or for any services in the course of…
Content: Introduction Interest on borrowed capital(section 24b) Calculation for the interest on loan Amount of Deduction allowed Silent feathers that allow the ability of interest under head income from house property head Deductions According to section 24 of the Income Tax Act, there are two types of deductions claimed under this section and the…
Table of Content SECTION 80D SECTION 80DD: SECTION 80U: SECTION DDB: SECTION 80D This section is based on tax deduction on Health Insurance Premiums paid. What amount of deduction can be claimed by individual or HUF in section 80D? Individual: In case of insurance of Self, spouse and dependent Children- Age of individual is below…
Table of Content About HRA Condition for the exemption: Benefit of HRA Frequently asked questions About HRA House Rent Allowance that commonly known as HRA. HRA is an amount which is paid by employers to its employees as a part of their salaries. HRA is given to provide employees with tax benefits towards the payment…
Finance Minister Nirmala Sitaraman has recently introduced a new facility in Budget 2020 in which individuals can get instant Permanent Account Number (PAN) through their Aadhaar without submitting a detailed application form. Requirements for instant E-PAN For application of E-PAN, no document is required to be uploaded on the portal for application of PAN. The…
The Budget 2020 as introduced by Finance Minister Nirmala Sitharaman brought a new income tax regime for individual taxpayers. The new tax regime 2020 has been proposed with lower income tax slab rates upto Rs. 15 Lakhs but in order to opt for such concessional tax regime requires the taxpayer to forego certain specified deductions…
Table of Content Meaning of Investment property Properties covered under Ind AS-40 Recognition of Property Subsequent recognition Transfer of property Meaning of Investment property According to Ind AS-40 investment property means a property which is held for specifically following two purposes: Rental income Capital appreciation Properties covered under Ind AS-40 Ind AS-40 covers two types…
Table of Content Meaning of Inventories Methods for measurement of cost of inventory Future payment Reversal of valuation loss Meaning of Inventories As per Ind AS-2, Inventory means the goods available for sale, raw materials, and goods used for producing goods available for sale. Inventory represents one of the most important current assets of a…
Table of Content What is reverse charge? Applicability of reverse charge List of Services taxable under reverse charge List of goods Chargeable under RCM What is reverse charge? The Goods and service tax impose liability to be deposited by supplier but there is an exception of this called reverse charge. Reverse charge is a mechanism…