91-8178023223 | Email : info@mylegalbook.com

Home » Articles posted by admin (Page 2)

Author Archives: admin

Gift Taxes and Exemptions

Your parents deposit some money in your account for buying a house. While it’s a help from your parents, have you ever thought about the tax implication on these kinds of transactions? When someone deposits money in your bank account, it is very important to understand the tax rules and possible issues which can pop up […]

Read More

Analysis of 44AD/ 44ADA/44AE

The option of the presumptive scheme has always been an interesting as well as a confusing issue among the taxpayers. With the Budget 2016 coming into the effect from the FY 2016-17, there have been some significant additions / deletions to the scheme, which you should be aware of! The presumptive taxation scheme has been […]

Read More

Capital Gains on Sale of Agricultural Land & 54B Exemption

Many users write to us to find out how they can save tax on capital gains that arise when their parents sell agricultural land or when they sell agricultural land which they inherited. Let’s take a look at what are the exemptions available on capital gains on sale of agricultural land.In some cases, when you […]

Read More

TDS on the Sale and Purchase of Property

TDS on the Sale and Purchase of Property From June 1st 2013, when a buyer buys immovable property (i.e. a building or part of a building or any land other than agricultural land) costing more than Rs 50lakhs, he has to deduct TDS when he pays the seller. This has been laid out in Section 194-IA of the […]

Read More

GST Council’s Recommendations – 23rd Meeting

In the GST Council meeting on 10th November, ’17, various decisions were taken with the view to make compliance easier for small tax payers, make composition scheme more attractive for tax payers and reduce the household expenditure for consumers. Let us understand the GST Council’s recommendations in detail: Return filing 1.GSTR-3B filing to be done till […]

Read More

Decision Taken in 23rd GST Council Meet

The GST Council in its 23rd meeting held in Guwahati came up with a range of new decisions which will lead to easing tax rates and compliance issues. Here are the key points which have emerged so far: In the last three meetings, we have been looking at the 28 per cent tax rate to […]

Read More

GST: What it means for the Common Man?

With the Rajya Sabha passing all the four GST bills in the parliament a week back, the nation’s biggest and revolutionary tax regime GST (Goods and Services Tax) is all set to become a reality soon. Boasted as the most subversive tax reform in the country after independence, GST is expected to curb transactional costs by introducing […]

Read More

GST Registration – Eligibility, Process

Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST. Entities without GST registration would not be allowed to collect GST from a customer or claim input tax credit of GST paid or could be penalised. Further, registration under GST is […]

Read More

GST on Restaurants-Analysis

GST is here, and businesses are still trying to understand the changes  required in their current systems to accommodate the new compliance model. On this note, we bring you our impact analysis on something which is very near and dear to us; or, rather to our stomachs –the restaurant and food industry. Here we will […]

Read More