E-Invoicing under GST (Applicability from 1st April, 2021)

E-Invoicing under GST is notified vide notification no. 68/2019 - Central Tax. It is a concept of submission of already generated invoice on a common e-invoice portal where …

Section 115BBH | Tax on Crypto Currency (Virtual Digital Assets)

Section 115BBH a newly inserted section in Finance Bill 2022 and applicable from 1st April 2022. Any transfer of virtual digital assets on or after 1-4-2022 shall be taxable…

Section 80CCD Deduction and Eligibility on NPS & APY in India

Section 80ccd of Income Tax allow the deduction to assesses who contributes funds toward the  National Pension Scheme (NPS) and Atal Pension Yojana (APY) .

Section 271AAD: (Penalty for Fake Invoices / False Entry)

Section 271 AAD of Income Tax Act is a new section which was inserted vide finance act 2020 and the same was effected from 1st April 2020.

Section 234A, 234B and 234C (Interest on Advance Tax)

Section 234A, 234B and 234C of Income Tax Act apply for interest charged on default of payment of advance tax.

Section 206CCA: Higher TCS Rate for Non-Filers of ITR’s

Section 206CCA of Income Tax Act  has applied with effect from 1st July 2021 which provides provision related to applicability of special TCS Rate for Non-filers of Income Ta…

Section 206AB- Higher TDS rate for Non-filers of ITR

Section 206AB of Income Tax act, 1961 has applied with effect from 1st July 2021 which is related to applicable TDS rate for non-filers of Income Tax returns.

Section 194IB (TDS on Rent of Immovable Property)

Section 194IB TDS on Rent of Immovable Property  of Income Tax Act 1961 provides the provisions related to deduction of TDS on rent payment by Individuals or HUF for the use …

Section 115ba, 115baa, 115bab of Income Tax Act 1961

Domestic companies have to pay tax at a specified rate on profit earned in the previous year. Generally the tax rate applicable on domestic companies is 30%. It is 25% if tur…

House Rent Allowance (HRA) Exemption under section 10(13A)

HRA (House Rent Allowance) is a payment given by an employer to an employee, so that employee can live in a rental house. Whole amount received from the employer is not full…

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