As per the Delhi Municipal Corporation (Amendment) Act, 2003.. the properties falling under the Municipal Corporation of Delhi’s jurisdiction are liable to pay property tax. Till now, cheques as well as digital payments were accepted for property tax payments. But as per the new rule, only digital payments shall be accepted for property tax ,w.e.f., […]
GST in India: An overview
Introduction Goods and Services Tax (GST) is an Indian tax system. It is effective in India since July 1, 2017. GST replaces various indirect taxes such as service tax, excise duty, VAT, etc. and merge them into one. It also aims to simplify the tax system for businesses and consumers. How it works? GST in […]
Special Cases Where ITR Filing Is Mandatory
Special Cases Where ITR Filing is Mandatory : CASE NO. 1: A person deposits a total amount exceeding 1 crore rupees in one or more current account maintained with any bank during relevant previous year CASE NO. 2: A person incurs total expenses exceeding 2 lakh rupees for travel to a foreign country, either for […]
ATM (Automated Teller Machine)
ATM or an Automated Teller Machine is an electronic machine installed at various places to help people perform financial or banking transactions themselves, without visiting the bank or without the assistance of a bank representative. Anyone with a credit card or a debit card can access cash at the ATM. Few ATMs allow only cash […]
Invest in 2 houses & claim Capital Gain Exemption
Sale of a residential house is taxable under the Income Tax Act, 1961. When you sell a house, you are required to pay capital gain tax on the profit received from the sale. The Income Tax Act,1961 provides relief from tax payment in such a case under Section 54 , subject to fulfilment of certain […]
Basic requirements for Company incorporation
DSC (Digital Signature Certificate) of first subscribers cum directors PAN (Permanent Account Number) of first subscribers/ directors (not having DIN) Address proof of first subscribers and directors- Bank statement/ Electricity bill/ Telephone bill/ Mobile bill Identity proof of first subscribers and directors – Voters Identity Card/ Passport/ Driving License Photograph of directors Address proof of […]
Insider
As per SEBI (The Securities and Exchange Board of India), an Insider means a any person who, is or was connected with the company and is reasonably expected to have access to unpublished price sensitive information in respect of securities of a company, or has received or has had access to such unpublished price sensitive […]
Insider Trading
Insider trading (or insider dealing) is the trading of shares or securities of a listed company (public company) by someone who has non-public, material and unpublished price sensitive information that can affect the stock price. In India, it is a malpractice that exists in the market. The use of unpublished price sensitive information can impact […]
HRA exemption
Sec.10(13A) of the Income Tax Act, 1961 allows exemption from HRA (House Rent Allowance) received from the employer. The amount of HRA exemption should be least of the following- Actual HRA received; OR Actual rent paid minus 10% of the salary; OR 50% / 40% of the salary. [50%, if house is situated in Mumbai, […]
Basic requirements for LLP Incorporation
Basic requirements for LLP Incorporation: DSC (Digital Signature Certificate) PAN (Permanent Account Number) of partners Address proof of partners – Bank statement/ Electricity bill/ Telephone bill/ Mobile bill Identity proof of partners – Voters Identity Card/ Passport/ Driving License Address proof of registered office of LLP NOC from the owner of premises of LLP mentioning […]