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Commissioner Has Power To Cancel Registration of Trust

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      Commissioner Has Power To Cancel  Registration of Trust Amendment of   Section 12AA of income tax act with effect from 1 st November 2019, provides that cancellation of registration can be on two grounds i.                      The Principal Commissioner or the commissioner is satisfied that activities of trust or institution   are not genuine or are not being carried out in accordance with its objects     AND & ii.                    Where a trust or an institution has been granted registration under section 12A and subsequently ,it is noticed that the trust or institution has violated requirements of any other law which was material for the purpose of achieving its objects , the principal commissioner or commissioner may, by...
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GOOD NEWS FOR SALARIED PERSON WHO EARN RS 50,000 P.M.

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IF INCOME OF RS 50,000 PER MONTH THEN NO TDS  A)STANDARD DEDUCTION FROM GROSS SALARY UNDER SECTION 16 (ia) of (“The Act”) As per the provision prior to amendment A deduction of  Rs  40,000  or   Amount of salary  (whichever is less). i.e.  Rs  40,000 As per amendment made in this provision w.e.t. A .Y. 2020-21 The deduction has been raised from Rs 40,000 to Rs 50,000 . i.e.  Rs 50,000 B)REBATE FROM INCOME TAX TO A RESIDENT INDIVIDUAL UNDER SECTION 87A of (“the Act”)   As per provision prior to amendment   Rebate u/s 87 A is available if – i) His total taxable income upto Rs 3,50,000          Quantum of rebate is –           Amount of income -tax payable or Rs 2500 (whichever is less)                            i.e  Rs 2500   As per amendment made in...
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GOOD OPPORTUNITY FOR INDIVIDUAL OR HUF PERTAINING HOUSE PROPERTY

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    PROFIT ON TRANSFER OF HOUSE PROPERTY USED FOR RESIDENCE (SECTION 54) OF THE INCOME TAX ACT 1961 (“the Act”) Provision prior to amendment Long term capital gain arises on the transfer of residential house property exempt U/S 54 if following conditions are satisfied. i) Transfer a residential house property. ii) Transfer long term capital asset and there is long term capital gain. iii) Asset is transfer by an individual or HUF iv) Assessee has purchased one residential house property in India within one year before or two years after the date on which transfer took place or constructed the same within 3 years after the date of such transfer.   If an individual or HUF sale one residential house property then he can invest only in one residential house property for claiming exemption U/S 54  Provision after the amendment made by finance bill 2019 w.e.f. A.Y. 2020-21 Now long-term capital gain arises on transfer of residential house ...
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