ITC on Motor Cycle Position from 01.02.2019 : Section 17(5) of CGST Act As per Section 17(5) of CGST Act Input tax credit shall not be available in respect of the following, namely:— (a) motor vehicles for transportation of persons having approved seating capacity of not more than thirteen persons (including the driver), except when they… Read More »
Incentives to National Pension System (NPS) subscribers (i) Under the existing provisions of section 10 of the Act, any payment from the NPS Trust to an assessee on closure of his account or on his opting out of the pension scheme, to the extent it does not exceed forty per cent of the total amount… Read More »
Section 80EEB Income Tax : Deduction for purchase of Electric Vehicle Budget 2019-20 Speech of Finance Bill 2019 on 05.07.2019 Incentive to purchase electric vehicle: In order to incentivise purchase of electric vehicle by an individual, it is proposed to provide deduction of an amount uptoRs. 1,50,000 for interest paid on loan taken for purchase… Read More »
Section 80EEA Income Tax : Deduction in respect of interest on loan taken for certain house property Commentary on Section 80EEA Income Tax Act Key Points of Section 80EEA Income Tax Act Effective Date : Section 80EEA Income Tax effect from the 1st day of April, 2020, i.e AY 2020-21 and Onwards When Deduction is… Read More »