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                                            Section 80GG Section 80GG of the Income Tax Act provides deductions related to house rent based on certain conditions. Some of these entail being an individual or a Hindu Undivided Family (HUF), being self-employed or salaried, etc. One of the most important tax deductions available to us is that on house rent. This is covered under the Section 80GG of the Income Tax Act. This is especially useful to employees who do not receive house rent allowance (HRA) from their employers.  Tax exemption under Section 80GG depends on your salary, the city in which you are staying (Tier-I, Tier-II, Tier-III, etc.), the rent amount and the HRA received.         Deductions under Section 80GG For you to be able to avail the house rent-related deductio...

  Section 16(2)(aa) notified - ITC cannot be availed beyond GSTR-2A/2B Section 16(2)(aa) of CGST Act, 2017 which was inserted vide Section 109 of Finance Act, 2021 has been made applicable from 01/01/2022 vide Notification No. 39/2021 dated 21/12/2021. Section 16(2)(aa) of CGST Act, 2017  is as follows:- (aa) the details of the invoice or debit note referred to in clause (a) has been furnished by the supplier in the statement of outward supplies  and such details have been communicated to the recipient of such invoice or debit note in the manner specified under section 37; Thus, section 16(2)(aa) provides that ITC will be available only when Supplier has furnished the details in his GSTR -1 or we can say that 100% invoice matching has been made essential for GST ITC from 01/01/2022.  Accordingly, with the aforesaid amendment, Rule 36(4) which allows the recipient to claim ITC for the invoices which were not...

On the specific request of CBDT, the offices of Chartered Accountants & Income Tax Practitioners have been included in the Exempted Category as prescribed in DDMA's GRAP Order No. 460 dated 08.08.2021. Find Us on Social Media: - https://www.facebook.com/taxvala/ - https://www.instagram.com/taxvala - https://www.youtube.com/c/Taxvala Click Below links for articles Top Tax Saving Schemes RBI will impose Panelty of Rs. 10,000 on ATMs from 01 October 2021 HSN wise summary details Revocation Date Extended TDS Rates FY 2021-22 GSTR9 and 9C ICAI announces dates of CA Exams 2021 GSTR2B Generation Date for April 2021 Everything about Invoice Furnishing Facility (IFF) How to File ITR 1 For FY 2019-20 MSME Loan New Scheme 2020 5 Best Saving Plans OPC Compliance Requirement 101 Excel Shortcuts for Improve your excel knowledge What is PPF Account ? What is GST? Tax Deducted At Source Documents Required for GST Registration . Closure of Private Company ?  

  Section 149Q (TDS on purchase of Goods) Introduction of Section 149Q The government of India has given notice to all to deduct TDS on the purchase of goods from 1st July 2021. If a resident person buys goods in excess of the Threshold limit, then TDS will be levied on the purchase of goods by the seller @ 0.1% This section will be applicable on the purchase of all goods in India from July-1st-2021, i.e. whoever buys goods in excess of the Threshold limit, then section 149Q will be applicable. When to deduct TDS? (a) at the time of credit of such sum to the account of the seller (b) At the time of payment there of by any mode whichever is earlier What is the threshold limit rate of TDS in case of purchase of goods? Exceeding purchase of rupees 50 Lakh in a financial year. TDS Rate applicable on @0.1% The total turnover of a company in a financial year is more than 10 crores For the person who does not have PAN number, TDS rate is applicable at higher rate that means TDS is applica...

TAX SAVING SCHEME · 80C- includes various investments and expenses you can claim deductions on – up to the limit of Rs. 1.5 lakh in a financial year.        5-Year Bank Fixed Deposit        Public Provident Fund (PPF)        National Savings Certificate        National Pension System (NPS)       Sukanya Samriddhi Yojana (SSY)       Tuition Fee       Senior Citizen Saving Scheme (SCSS) ·        80D- for medical insurance premium for self, spouse &  dependent parents.  ·          Section 80EE – Deduction  for interest payment of home loan for first home owners ·          Section 24- Interest deduction for housing loan upto Rs 2 lakh ·          Section 80EEB- interest deduction for vehicle loan for purchase of ...