Section 10(10)D of the Income Tax Act, 1961: As per Section 10(10D) of the Income Tax Act, 1961- the amount of sum assured plus any amount received as policy proceeds on maturity or surrender of policy or on death of the insured are completely tax free for the receiver. But in the following condition it…
Introduction Due to the impact of rapidly increasing foreign trade and commerce, cross border transactions raises many issues on taxation of the income. Global income is taxed in the country of its residence. But there are situations when a Company/Individual is also exposed to tax in the source country. Hence, there arises issue of double…
Articles about company incorporation from our Knowledge Bank Incorporating a Company in India Incorporating a LLP in India Incorporating a One Person Company Have you wondered how a private company is registered in India under Companies Act 2013? No, then don’t worry, we have simplified the process of registration of company in India. ALL YOU NEED TO…
Introduction As per section 2(42C) of Income -tax Act 1961, ‘slump sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales Computation of Capital Gain Incase of Slump Sale Provided that any profit or…
The Government of India presented one of the most awaited budgets in recent times to the parliament on July 5, 2019. The budget, presented by the Finance Minister Nirmala Sitharaman, outlined the government’s plan to boost the economy and spur growth with several incentives for individuals and corporates. She also summarized the government’s ten-year vision…
Section 80D of Income Tax Act, 1961. This section is related to Deduction from income for Medical insurance premium paid and Preventive health check up taken. Section 80D Applicability Only Individual or HUF can claim deduction under Section 80D. 1. Medical Insurance Maximum Deduction An Individual can claim Maximum deduction of Rs. 25,000/- for the insurance of…
The ITR forms have undergone some changes when compared to previous year ITR forms as notified by the government. These changes were made keeping in mind the changes made in income tax laws and Budget 2018 for FY 2018-19 and onwards. Here are nine changes in ITR forms 1 and 2 that you must aware…
Exports From India Schemes In order to encourage exports in India the Government provides certain benefits to exports to offset infrastructural inefficiencies and associated costs. These benefits are provided to both service providers and export of goods. There are two schemes to avail benefits namely Merchandise Exports from India Scheme (MEIS). Service Exports from India…
“Director Identification Number” (DIN) means an identification number allotted by the Central Government to any individual, intending to be appointed as director or to any existing director of a company, for the purpose of his identification as a director of a company: Provided further that “Director Identification Number” (DIN) includes the Designated Partnership Identification Number…
Deduction under section 80EE can be claimed by first-time home buyers for the amount they pay as interest on home loan. Taxpayer can claim a deduction of up to Rs. 50,000 per FY as per Section 80EE.This deduction can be claimed over and above the deduction of Section 24 which is Rs. 2,00,000. Eligibility: The…
A DTAA is a TAX treaty signed between two or more countries. Treaty– A tax treaty is a bilateral agreement made by two countries to resolve issues involving double taxation on income. Agreement generally determine the amount of tax that a country can apply to a taxpayer’s income, capital, estate, and wealth. Objective: It’s main…