financial services

Some Changes Made in Service Tax Policy in Budget 2017

Service Tax is an indirect tax levied on certain services which are collected by the service provider and later submitted to the Government of India. The service receiver pays the amount to the service provider who further pays the amount to the government. So what has changed have been proposed for service tax rate in… Continue reading Some Changes Made in Service Tax Policy in Budget 2017

financial services

Section 80GG to Avail HRA Tax Exemption on Paid House Rent

Employee salary is made of many components in which house rent allowance is the second most important one. But the difference between other allowances and HRA is that HRA is partly exempted from tax liability. Under section 10(13A), a certain amount of HRA is non-taxable. This benefit is available only to certain individuals who are… Continue reading Section 80GG to Avail HRA Tax Exemption on Paid House Rent

financial services

New Amendments in Income Tax Rules for Charitable Trusts

Budget 2017 has proposed many new amendments in income tax rules for charitable trusts and their income tax policies. For start, previously charitable trusts accepting properties or money donated by any person without consideration was non-taxable under section 56(2). Now, a new clause (x) has been added to it which prescribes that if any donation… Continue reading New Amendments in Income Tax Rules for Charitable Trusts

financial services · Income Tax · Taxation

Calculate Income Tax Liability on Income from House Property

Income tax act in India allows citizens to declare only one house property to be self-occupied which will be exempted from the house tax liability. All the other property will be declared as rented property which will be taxable.  The let out properties will be considered with the concept of deemed annual value. To calculate… Continue reading Calculate Income Tax Liability on Income from House Property

financial services · Taxation

The Best Tax Structure in India To Select for Startups

For startups, it is very important to have an advance tax planning before registering their business with a specific business structure. Most of the startups in India either choose to be an LLP or a PLC while registering the company. LLP stand for Limited Liability Partnership and PLC stands for Private Limited Company. So, before… Continue reading The Best Tax Structure in India To Select for Startups