Amounts not deductable from “Income from House property” As per Section 25 any annual charge or interest chargeable under this Act which is payable outside India shall be deductible under section 24 if following conditions…
Brief note on provisions of Section 194Q [TDS on Purchase of Goods] The Finance Act, 2021 has introduced new section 194Q which is effective from 1st July 2021. The provisions of new section 194Q require…
Maintenance of accounts by certain persons carrying on profession or business Who is Required to Maintain Books of Account? Every person carrying on the following Professions shall maintain books of accounts:LegalMedicalEngineering Architectural professionThe profession of…
Company Eligible for Dormant Company Company for a future project and has no signification accounting transactions.Company holds an assets or intellectual property and has no signification accounting transactions. In which Significant Accounting Transaction means any…
Employees' State Insurance Corporation (ESIC) on Wednesday extended the date for filing of ESI contribution for the month of April, 2021 amid the surge in the covid cases in the country. “The employers covered under…
Sukanya Samriddhi Accounts 1. Minimum Amount for opening of account and maximum balance that can be retained Minimum INR 250/- and Maximum INR 1,50,000/- in a financial year. Subsequent deposit in multiple of INR 50/-…
Audit of accounts of certain persons carrying on business or profession Applicability of Section 44AB The following persons are required to perform a tax audit under Section 44AB of Income Tax Act, 1961: A person…
From the date of implementation of GST, i.e. 1st July 2017, GST on Security Service was payable by the service provider. But it was the case till 31st December 2018, GST on Security Service was payable under Forward Charge…