This section cast an obligation on every person responsible for paying any income chargeable to tax under the head “Salaries” to deduct income tax on the amount payable. Manner of deduction Such income tax is calculated at an average rate of income tax computed on the basis of the slab rates in force for the…

In this hard time of pandemic where everyone is concerned about their health and wellbeing, what could be better than getting the tax deduction on the premium paid for the same. Yes, Income Tax Act, 1961 provides a deduction under section 80D in respect of health insurance premium. Sec 80D provides deduction of expenditure on:…

What is the meaning of Standard Deduction under the Income Tax Act? Standard deduction is a fixed deduction of 50,000 allowed from the gross salary in order to arrive at the taxable salary. This tax benefit can be claimed irrespective of actual amount spent under: Transport allowance Medical allowance Table of Content What is the…

The process of converting OPC into private or public/ Conversion of private into OPC has been simplified. This can be done by filing eForm INC-6 on the MCA Portal. eForm INC-6 is required to be filed pursuant to the provisions of Section 18 of the Companies Act, 2013. Table of Content Purpose of filing eForm…

Concept of deemed owner Under section 27 of the Income Tax Act,1961 In Case an individual transfers any house property to his/her spouse and is not connected to an agreement to live apart or minor child (does not include married daughter) without any adequate consideration then such individual known as Deemed Owner of such house…

Section 80C is one of the most popular sections amongst taxpayers as it allows to reduce taxable income by making tax saving investments. The maximum deduction allowed under this section is 1,50,000 every year. This section allows deduction for investment made in PPF, EPF, LIC premium, Equity linked saving scheme, principal amount payment towards home…

Introduction Employee who receive salary from employer and who resides in rented houses, can claim the House Rent Allowance to reduce the amount of taxes (it may be partially or wholly). Table of Content: Introduction – HRA Meaning of House Rent Allowance Calculation of House Rent Allowance Did we pay rent to parents to save…

What is Corporate Insolvency?  A Company is declared insolvent if it is unable to pay its debts to its creditors whether whole or any part or installment, when due and payable. Following test are there to check for corporate insolvency:  The Cash-Flow Test: Is the Company currently or in future will it be unable to…

What is E-Commerce? E-Commerce (Electronic Commerce) basically means the supply of goods, products or services or both including digital products over digital or electronic networks. E-Commerce has grown tremendously in India in the past few years as more users are buying and selling items online, thanks to smartphones and internet connectivity Due to tremendous growth…

Table of Content Section 16(2) states Section 39 contains the following provisions of furnishing of Returns The proviso to section 39(9) states In the recent times, the CGST Department has been aggressively issuing notices and advisory related to section 16(4) for late filing of GSTR 3B.The Notice and advisory sent by the department is related…

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