Section 9 of the Income Tax Act, 1961, is a cornerstone provision in Indian tax law, setting forth specific instances where income is considered to have originated from Indian sources, even if earned by non-residents or foreign entities. This section plays a significant role in determining tax liability for foreign entities and non-residents with economic […]
Tag Archives: Tax Consultation in Pune
07
Jul
Jul
Meaning:- HUF means a Hindu Undivided Family and for the purpose of Income Tax, It is an entity separate from its members. Although an HUF is governed by Hindu Law Board , even Jains, Sikhs and Buddhists can form an HUF. An HUF has a separate PAN and the Return of Income of an HUF […]
04
Jul
Jul
Due to Lockdown amid Corona virus, Government had announced various measures to ease the burden of financial stress on Common man. However, some of the relaxations ceased to exist post 1st July, 2020. Following is the list of personal finance changes post 1st July,2020 ATM Withdrawal Restrictions :- On 24th March,2020 it was announced that for […]
30
Jun
Jun
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 […]
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 […]
19
Feb
Feb
The Indian Tax system is divided into two types, namely Direct Taxes and Indirect Taxes. Direct taxes are the part of the earnings which a person directly pays to the government. On the other hand, indirect taxes are paid by the consumers of goods and services in addition to the price of such goods and […]
19
Feb
Feb
TDS is applicable on sale of property. As per the Union Budget 2013 TDS is to be deducted on sale of property when the consideration exceeds Rs. 50,00,000. This provision is applicable to all the transaction being entered into from 1st June 2013. The TDS has to be paid on the entire amount and not […]
04
Jun
Jun
Introduction Form GSTR 9 in an annual return under GST regime that is to be filed once for every financial year by every registered Taxpayer. GSTR 9 is a consolidation of every quarterly/monthly returns filed during the financial year. The taxpayers are required to furnish details regarding inward and outward supplies made and Input Tax […]
