Table of Contents:
Related Posts…
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Penalties &
Prosecutions under Income Tax Act. 1. Penalties
under Income Tax Act. The various defaults in respect of which Penalty can be
imposed by the Income…
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Special
Provisions applicable to Closely-held Company (in which Public are Not
Substantially Interested) The following are the special
provisions under the Income-tax Act which are applicable to a company in which
public are…
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[Section 194A]-
Interest other than Interest on Securities Interest other than
Interest on Securities includes payments made in respect of: (i)
Inter-corporate deposits / loans,
(ii) …
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Levy and
Collection of GST under CGST Act, IGST Act and UTGST Act. Taxable
event and point of time for payment of tax were two different aspects under
indirect tax law in preGST…
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[Section 195]-
TDS on Payment to a Non-Resident 1. TDS on income
of Non-Resident: Any person responsible for paying to a non-resident, not being
a company, or to…
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Permanent
Account Number (PAN) [Section 139A and Rule 114] 1.
[Section 139A (1)]- Who has to apply for PAN?: Every person who has not been
allotted a permanent account…
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Deductions from
Gross Total Income for computing Taxable Income 1.
[Section 80CCC]- Deduction in respect of Contribution to certain Pension Fund
Essential Conditions for Claiming Deduction under this Section…
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Investment
Planning for Tax Savings 1. Investment in Sukanya
Samriddhi Yojana (SSY) The Sukanya Samriddhi Yojana interest rate for January
to March 2020 (Q4, FY…
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Payment of GST in
GST Regime 1. Types of Payments to be made in GST
Regime For any intra-state supply For any interstate supply Taxes to…
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Capital Gains
under Income Tax Act. 1961 - LTCG & STCG 1.
Basis of Charge – Capital Gains [Section 45(1)] Any profits or gains arising
from the transfer of a capital…
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Taxability -
Income from Other Sources [Sections 56 to 59] 1.
Section wise Table – Income from Other Sources Sections Particulars 56 Income
from Other Sources 56(1) Chargeability 56(2) Specific…
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Alternate
Minimum Tax (AMT) on all Persons other than Companies [Section 115JC to 115JF
Chapter XII-BA] AMT. which was hitherto applicable to LLP only.
has been made applicable to all assessees other than a company. (1)…
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Assessment of
Limited Liability Partnership (LLP) 1. Taxation of Limited
Liability Partnership (LLP) The Limited Liability Partnership Act, 2008 has
come into effect in 2009. Taxation…
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[Section 115JB
(2)]- Statement of Profit and Loss of the Company to be prepared as per
provisions of the Companies Act. with Computation of… Every
assessee,— (a) being a company
shall, for the purposes of this section, prepare its statement of profit and…
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Value of Taxable
Supply of Goods or Services under Chapter IV of CGST Rules (Rules 27 to 35) Basis
of charge of GST is given by section 9. As per section 9, GST shall be levied
on the…
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[Section 44AD,
44ADA, 44AE]- Estimated or Presumptive Income method for Computing Business
Income Under To give relief to small taxpayers from the tedious
job of maintenance of books of account and from getting the…
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Deduction Under
Section 80A to 80U (Chapter VIA) from Gross Total Income The
aggregate of income computed under each head, after giving effect to the
provisions for clubbing of income and set…
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Introduction of
GST Law [Constitution (101st Amendment) Act, 2016] (A) Need for
constitutional amendment Existing Constitutional provisions, given above, had
given separate powers for the Centre and the States…
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‘Residential
Status’ under Income Tax Act. 1956 1. Residential
Status of an Individual [Section 6(1)] According to the residential status, the
assessee can either be: (i) Resident…
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Salient Features
of GST & IGST (A) Features of Dual Model of GST The
significant features of Dual GST in India, are as under: The GST…
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