A person liable for registration under the GST law, should obtain a single registration from the state or union territories from where supply is made. This means a person can obtain a single registration for multiple factories, godowns, sales offices or branches within the state or union territory if total aggregate turnover of the business in India crosses the threshold limit … [Read more...] about Can multiple registrations be taken for your business under GST?
GST registration in India – All you need to know
GST is a destination based tax levied on every value addition. GST has subsumed almost all the indirect taxes in India. Registration under GST law is the first and foremost thing every business man does to get started. Registration recognizes a person as a supplier of goods or services or both.After GST registration, your business will be assigned a GSTIN, which is … [Read more...] about GST registration in India – All you need to know
How to get tax benefits on loss from house property
Asssessee can have income from different sources under the same head of income. Similarly, he may have income from different heads. Loss from any source under the same head or from any head can be set off against other sources or heads as specified under the income tax act, 1961. Our tax laws allow you to take tax benefits of loss from house property while calculating your … [Read more...] about How to get tax benefits on loss from house property
How use of house property matters in taxation
House property can be let for residential or commercial purpose. Annual value from building or land appurtenant thereto is always taxable under the head income from house property. However based on different circumstances, taxation may change. Below in this article, we will be discussing how use of house property can change the way income is taxed in India.To get it taxable … [Read more...] about How use of house property matters in taxation
When assessee is deemed to be the owner of house property
Deemed owner has been defined in section 27 of the income tax act, 1961. This section is an exception to the basic conditions of charging tax under the head house property. To get taxed under the head house property, following basic conditions are to be satisfied;The property must consist of building and land appurtenant thereto; andIt must be owned by the assessee; andThe … [Read more...] about When assessee is deemed to be the owner of house property