Tag: Income Tax Section 115BAC

80EEA deduction for income tax on home loans| With Automated Income Tax preparation Software All in One in Excel for the Govt & Non-Govt Employees for the F.Y.2022-23

80EEA deduction for income tax on home loans| In India, the provision of 80EEA helps first-time home buyers with an additional relaxation facility at the Department of Income Tax. As per Section 80 of the EEA Income Tax Act, any first-time home buyer in India can get an additional tax deduction of up to Rs. […]

80GG – deduction on house rent paid| With Automated Income Tax Preparation Software All in One in Excel for the Govt and Non-Govt Employees for the F.Y.2022-23

80GG β€“ deduction on rent paid | 80GG is a deduction under Chapter VI-A of the Income-tax Act, 1961. It was introduced to accommodate persons who do not receive housing assistance, but who pay rent for their accommodation. For example, a person can claim a rent deduction, even if they have not received a mortgage. Therefore, a person […]

Income Tax Preparation software in Excel for the Govt and Non-Govt Employees for the F.Y.2022-23 with Refund of tax under Section 87A

Income Tax Preparation software in Excel with Discount u/s 87A was introduced by the Government of  India in the year 2013-14. 87A discount benefits your tax liability. Rebates under Section 87A can be  claimed if your taxable income does not exceed the predetermined limit for the relevant financial year. You can claim a maximum deduction of Rs 12,500 under […]

GST AAR provides assistance in the field of agroforestry, being education and training for farmers

[ad_1] The Early Decision Authority (AAR) of the State of Karnataka has ruled that services to train and educate farmers in agroforestry through scientific research and knowledge are exempt from goods and services tax. A panel of two MPs, Ravi Prasad and T. Kiran Reddy, sees that the applicants, through their mara-mitras, not only teach […]

New Faceless Estimation Guidelines to Simplify the Schema

[ad_1] The Central Board of Direct Taxes (CBDT) has announced new requirements for the income tax division’s valuation officer to reduce procedural errors and increase the impersonal valuation system for the taxpayer. According to the decision, the evaluation officer (AO) must issue show reason notice to the taxpayer, in the case of which β€œany change […]

Government launches tax-free incentives to reduce import duties on solar power

[ad_1] Supporting the impact of higher import duties on solar modules and cells, the government has begun stimulating the domestic solar industry. But there seems to be no intention the government will provide tax incentives to importers of solar modules for support, the government is open to review workable plans submitted by the industry for […]

GST Notice U/S 125 Cannot Deny Amnesty Program Benefits

[ad_1] The Rajasthan High Court ruled that the benefit of the amnesty scheme, Sabka Vikas Probate Dispute Resolution Scheme2019 will not be denied solely on the basis of a notice-request under Section 125 of the GST Act issued to the taxpayer. Candidate, M/s Sonjoli Construction Co, before the court submits the application filed through them, […]

A deposit under Section 35F is different from a debit in a GST electronic credit book.

[ad_1] The Allahabad Court of Appeal for Customs, Excise and Services Taxes (CESTAT) held that the required deposit under section 35F of the Central Excise Act, 1944 could not be debited to GST electronic credit book. Applicant M/s Johnson Mathey Chemical India Pvt. OOO contested an appeal order dated 25 January 2022 issued by the […]

Goods and Services Tax Exemption Available for Hearing Aids, Not Accessories

[ad_1] A person is not required to file a Goods and Services Tax on a hearing aid. But the man has to pay 18% GST rate on parts and accessories. The rate is set by Karnataka Advance Decision Authority (KAAR). Experts advise businesses to choose correct HSN (Harmonized System of Nomenclature) to avoid any disputes […]

HC revokes No Hearing Order U/S 74(1)

[ad_1] The Madurai Bench of the Madras High Court, headed by Judge M. Nirmal Kumar, rejected the assessment order issued without adequate opportunity for a personal hearing under section 74(1) Goods and Services Tax Act. Applicant, M/s. Anantham Silks traded in textiles and clothing. During the investigation, the team identified some inconsistencies in the dealers’ […]

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