April, 19th 2019 The income tax department on Thursday proposed change in the methodology for taxing multinational companies (MNCs), including digital firms, having permanent establishment in India by giving weightage to factors like domestic sales, employee strength, assets and user base. The CBDT Committee on ‘Profit Attribution to Permanent Establishment (PE) in India’ also said […]
Under section 10(13A) of Income Tax Act, a deduction is permissible for house rent allowances (HRA). However, not all amounts are tax exempted from this allowance. There are various income tax exemptions on facilities offered under your pay scale such as entertainment, telephone bills and some other reimbursements. Also, even the rent you pay from […]
The last date of intimating/linking of Aadhaar Number with PAN being 30.09.2019, it is also made clear that w.e.f. 01.04.2019, it is mandatory to quote and link Aadhaar number while filing the return of income, unless specifically exempted.
SECTION 80-IBA. (AFFORDABLE HOUSING SCHEME) AMENDMENTS AND FAQ WITH RELEVANT CASE LAWS (UPDATED WITH FINANCE ACT 2017) (1) Deductions in respect of profits and gains from housing projects.—(1) Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to […]
