CIBIL stands for Credit Information Bureau (India) Private Limited. It is India’s first Credit Information Company. It maintains records of all credit- related activity of Individuals and Companies including Loans and Credit Cards. The records are submitted to CIBIL by registered member Banks and other Financial Institutions on a periodic basis usually monthly basis. Based …
1. Earlier supplier of goods and services were not allowed to opt for composition scheme but now they can apply if the value of supply of service does not exceed – higher of the amount- 10% of the state turnover in the previous financial year and Rs. 500000 For Eg. If a taxpayer supplies goods …
Key amendments made applicable from 1st Feb, 2019 are as under: Read More »
Tamil Nadu government on Friday in the State budget for 2019-20, announced that the stamp duty on property transfer arising in respect of amalgamation or reconstruction of companies will be fixed at 2% of market value of the immovable property or 0.6% of the aggregate of the market value of shares, whichever is higher. The …
Stamp duty on amalgamation or reconstruction of companies: TN Government Read More »
The share of the partner (including a minor admitted for the benefit of the firm), in the income of the firm is not included in computing his total income i.e. his share in the total income of the firm shall be exempt from tax [section 10(2A) of the Act]. If conditions of section 184 and …
Taxation of Partnerships: Assessment of Partners of a Firm Read More »
Who has to obtain PAN? PAN is to be obtained by following persons: • Every person if his total income or the total income of any other person in respect of which he is assessable during the previous year exceeds; • In the case of Basic Exemption Limit • IndividualRs. 2,50,000.00 • Resident Individuals of the …
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