Indians always think of saving capital gain tax which is required to be paid on sale of commercial property. Capital Gain tax can be Long Term Capital Gain Tax or…
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Selling or transferring a capital asset like property, capital gains arise which are taxable in the hands of the assessee/ taxpayer. Under Section 54 of the Income Tax Act, an…
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Income TaxUncategorized
Tax rebate under section 87A of Income Tax Act
by Taxchanakyaby TaxchanakyaFor the old tax regime, an individual, who is resident in India, is allowed a tax rebate under section 87A if the total income of such individual does not exceed…
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GSTIncome Tax
Services Rendered By Indian Commission Agent To Foreign Principal Will Qualify As Export Of Service
by Taxchanakyaby TaxchanakyaThe Mumbai Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the services rendered by Indian commission agents to foreign principals will qualify as “export…
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Income Tax
Deduction u/s 80P(2)(d) is available on entire interest income earned by co-operative societies
by Taxchanakyaby TaxchanakyaCo-op societies are eligible for a deduction under Section 80P(2)(d) for interest income from investments in co-op banks. section 80P(2)(d) of the Act specifically exempts interest earned from funds invested…
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Faceless Assessment Scheme is one of the biggest Direct Tax reform in India which aims to provide Efficiency, Transparency and Accountability. Important feature of this scheme is No human interface…
