In a bid to encourage increased participation and financial backing for political parties, provisions for tax exemptions are laid out under Section 80GGB of the Income Tax Act, 1961. This section deals explicitly with donations and contributions made by Indian companies towards political parties or...
Agricultural income in India, as defined by the Income Tax Act of 1961 under Section 2(1A), encompasses various revenue streams derived from land specifically used for agricultural purposes within the Indian territory....
Against the backdrop of evolving market dynamics, there has been a surge in demand for spacious residential properties, particularly plots and villas. However, a recent ruling by the Gujarat Advance Ruling Authority (AAR) has introduced a new challenge for prospective buyers, necessitating them to bear...
As per section 406 of Companies Act, 2013, a NIDHI Company is a non-banking financial business organization. The primary function of a NIDHI Company is lending and borrowing money among its members for their mutual benefit. It is also known as Benefit fund, permanent fund,...
The process of reconciling share capital is vital for ensuring accuracy and transparency within a company's financial records. Form PAS-6 serves as a crucial tool in this reconciliation process, particularly for unlisted public companies governed under specific regulations....
When faced with a notice from the Income Tax Department regarding the non-filing of an Income Tax Return, taxpayers must promptly respond. These notices are typically sent via email or SMS, and taxpayers can reply through their income tax e-filing accounts, eliminating the need for...
Navigating through the intricate landscape of Income Tax regulations, understanding the nuances of mandatory PAN (Permanent Account Number) quoting in various transactions is pivotal. Rule 114B delineates these transactions, each carrying its significance and implications....
Navigating the intricate terrain of income tax filing can be a daunting task, with even the smallest oversight potentially leading to significant consequences. As the deadline for filing taxes approaches, individuals find themselves in a race against time to ensure accuracy and compliance with tax...
The Goods and Services Tax (GST) implementation aimed at unifying taxation across India, simplifying compliance procedures, and facilitating business operations. Initially, the registration process, governed by section 9(5), mandated a swift turnaround of 3 working days for the verification of applications by the designated authority....
In accordance with notification number 12/2017, entry number 12 dated 28th June 2017, rental income derived from leasing residential dwellings for residential purposes enjoys exemption from GST without any conditions or limitations. However, when residential properties are leased out for business purposes, they fall under...
Agree
