RBI clarifies the doubts on new Definition of MSMEs
Updated on 25.06.2021 (As per the new definition, Written Down Value (WDV) is at the end of the Financial Year as defined in the Income Tax Act and not cost of acquisition or original price, which was applicable in the context of the earlier classification criteria. All enterprises are required to register online and obtain…
Read article
Do you know how Gold metal loans are sanctioned to jewellers?
Updated on 24.06.2021 Banks that are nominated to import gold as per extant instructions of RBI, may extend Gold (Metal) Loans to domestic jewellery manufacturers, (who are not exporters of jewellery) for non-export purposes and also to the jewellery manufacturers and exporters. Gold (Metal) Loans can be sanctioned only to gold jewellers, who are themselves…
Read article
Tax savings u/s 80G: Some time your tax benefit can be more than money donated
If you have already exhausted the Rs1.50 lakh limit investment under section 80C, also bought a health insurance policy, made an additional contribution to NPS(u/s 80CCD), you still have ways and means to reduce your tax liability. You can save tax using the deductions available under section 80G of the Income Tax Act. Section 80G…
Read article
CBDT introduces two new sections206A &206CCA to identify non-filers of income tax.
In line with the announcements made in the Union Budget 2021, CBDT brought new functionality for compliance checks which mandated that non-filers of income tax returns for past two fiscal years would be subjected to higher tax deducted at source (TDS) and tax collected at source (TCS) rate if such tax deduction was Rs 50,000…
Read article List of incomes that are exempted from income tax under the new tax regime
In the budget 2020, FM Nirmala Sitharaman has introduced a new tax regime along with the old regime. The new regime comes with reduced tax rates of various income slabs as well as the removal of rebates and exemptions. Salaried individuals, who have no business income, will have to choose between the existing and new…
Do you know entire donations to political parties can be claimed as a tax deduction?
Chapter VI A of the Income Tax Act contains various sub-sections of section 80 that allow an assessee to claim deductions from the gross total income on account of various tax-saving investments, permitted expenditures, donations, etc. Such deductions allow an assessee to considerably reduce the tax payable. Donation made to political parties or electoral trust…
Read article