The Income Tax Act,1961 provides for a deduction for interest paid on Loan taken for educational Loan for Higher Studies under section 80E. Since Higher Studies are very expensive , this section aims to reduce the burden on the taxpayer by providing a deduction from his Taxable Income. Eligibility:- Only an individual Taxpayer can claim […]
Monthly Archives: June 2020
22
Jun
Jun
Tax Audit under section 44AB of Income Tax Act,1961 Meaning of Tax Audit :- An audit means the verification of books of accounts by an independent auditor and expressing an opinion on the financial statements drawn with respect to those books of accounts. Several statutes provide for the audit of books of accounts. […]
18
Jun
Jun
Input tax credit (ITC) can be understood as a deduction on total GST payable by the businessman. ITC is availed by the businessman by paying GST on the purchases and other expenses incurred for the business, Thus while paying GST the ITC already paid in the course of Purchase and other expense is deducted and […]
11
Jun
Jun
Introduction:- India is a developing economy. The speed of business is increasing day by day. As a result of this the volume of transactions is increasing at an equal speed. But along with these growth sectors there runs a parallel economy of corruption and money laundering. These sectors hinder the growth of the economy as […]
