CAclubindia Articles
When to Create a New GST Registration Number for Your Business
Comprehending the need and timing of obtaining a New GST Registration Number is critical for upholding felony compliance and streamlining business approaches.
No Income Tax Rebate u/s 87A Despite Income Below Rs 7 Lakh: Key Scenarios Explained
Here's a point-to-point summary of the article about cases where no income tax rebate under Section 87A is allowed, even if the total income is below Rs 7 lakh
GST Taxability of Salvage/Wreck Value in Motor Vehicle Damage Claims
The insurance companies, which are engaged in providing general insurance services in respect of insurance of motor vehicles, insure the cost of repairs/damages of motor vehicles incurred by the policyholders.
Direct Tax Code (DTC): Key Features, Challenges and Criticisms
The goal of the DTC is to create a tax system that is easier to understand, more equitable, and capable of generating revenue efficiently without causing undue hardship to taxpayers.
Is trading in a Life Insurance Policy allowed?
"It is suggested that life insurance policies be treated as a capital asset falling within the definition of "property" under Section 2(14) of the Income Tax Act. Indexation benefit (for premiums paid) will take care of inflationary impact, resulting in parity with other capital assets," ICAI said in its Pre-Budget Memorandum, 2022.
No ITC reversed for the portion of the LIC premium not included in the taxable value, as per Rule 32(4)
Life insurance companies provide services by insuring the life of the insured. In exchange, they charge a premium, which may include components for both risk cover and investment/savings.
The Evolution of Taxation in India: From Ancient Times to GST
Over the decades, there has been a significant change in the practice of charging income tax. Let us look into the history of income tax from ancient times.
Who is Required File Tax Audit Report before September?
The last date to file the Tax Audit Report is 30th September of the assessment year. It is crucial to adhere to the deadlines to avoid any penalties
Key Features of New e-DRS Scheme
The Central Board of Direct Taxes (CBDT) has introduced a new e-DRS (Electronic Dispute Resolution Scheme) to streamline the process of resolving income tax disputes.
Case Study: Lease Rent Payment (Fixed or Variables)
In the given case, payment of Rs 2 per bottle packed is variable is nature because the no. of bottle packed will vary.
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