Category Taxation

Expenses not deductible under section 40

1.Section 40(a)(i): Non-Compliance of provision of TDS where payment is made to Non-Resident Disallowance u/s 40(a)(i) shall be attracted if:A. The amount paid or payable is interest, royalty, fees for technical services or any other sum chargeable under I.T. Act.…

Section 194I-TDS on Rent

1.Deductor- Any person, [other than individual or HUF (not liable to tax audit in the preceding Financial year)]2. Deductee- Any Resident3. Time of Deduction- At the time of credit or payment, whichever is earlier.4. Rate of TDS- -For use of…

Registration under GST Act

1. Section 25- Procedure for Registration a. Time Limit- Every person who is liable to be registered under section 22 or Section 24 shall apply for registration within 30 days from the date on which he becomes liable to registration. b.…

Reverse Charge Mechanism

1.Section 2(38)- Reverse Charge means the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both. 2. Specified Goods under Reverse Charge- Notification No.4/2017-Central Tax…

Section 80TTA and Section 80TTB

 Section 80TTA 1. Eligibility: Deduction u/s 80TTA is available to an assessee, other than the assesse referred to in Section80TTB, being an individual or HUF. 2. Deduction is allowed from the following incomes: a. Interest earned from savings account with…

Taxation of Business Trust and Unit Holders

 1. Section 2(13A) – Definition of Business Trust: Business Trust means a trust registered as, i) An Infrastructure Investment Trust under the SEBI regulations, 2014; or ii) A Real Estate Investment Trust under the SEBI regulations, 2014, and the units…

Taxation on Non-Residents

1. Non-Resident Indian means an individual being a citizen of India or a person of Indian origin who is not a resident. 2. Foreign Exchange Asset means any specified asset which the assesse has acquired or purchased with or subscribed…
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