Economy

Indirect restriction on claiming Housing Loan Interest on let out property: Section 71 of the Act relates to set-off of loss from one head against income from another. In line with the international best practices it is proposed to insert sub-section (3A) in the said section to provide that set-off …

Enabling of Filing of Form 15G/15H for commission payments specified under section 194D The existing provision of sub-section 194D of the Act, inter-alia, provides for tax deduction at source (TDS) at the rate of 5% for payments in the nature of insurance commission beyond a threshold limit of Rs. 15,000 …

Section 115JAA contains provisions regarding carrying forward and set off of tax credit in respect of Minimum Alternate T ax (MAT) paid by companies under section 115JB. Currently, the tax credit can be carried forward upto tenth assessment years. With a view to provide relief to the assessees paying MAT, …

Prime Minister Narendra Modi on Friday launched an Aadhaar-based mobile payment application BHIM App at Digi Dhan Mela to promote and make digital transactions easier. Here are 13 things you need to know about the BHIM app for digital payment: What is BHIM: Bharat Interface for Money (BHIM) is an initiative to enable cashless …

1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes …

This article is in continuation to my previous articles on Black money. Can this government bring back the so-called ‘black money’ stashed abroad?  Can this government tighten the noose on black money offenders within the country?  Not sure. But the only silver lining in the latest development is that the …

Implication of excise duty on 1+1 offers in case of MRP based assessable goods: If MRP is printed even on the free item, duty is attracted on such free item [Indica Laboratories v. CCE (2007) 213 ELT 20 – CESTAT]. However, if the free item is given in a  combi-pack, …

Dear Rahul Gandhi, Guess you are busy in fighting for Kanhaiya, JNU and others. Leave them for the time being. I have a very interesting and serious matter which you can fight for. The people in social media (mainly Whatsapp) make very funny jokes of you. For example, just before …

When I say ‘Why is our country like this?’ so far no one has asked ‘Like what’? Probably, this one question does not need any explanation or background. Everyone understands this question has something to do with ‘public infrastructure’, ‘politics or judiciary’ of this country. I am trying to find …

Who is the mightiest?     What is the most powerful matter or element on this planet? Is it the might of massive armies? the muscles that make our body? ink that flows through a learned quill? the achievements of science? Nay… The most powerful of them all is an …