Standard Deduction of 30% of Annual Value is allowed as deduction to every person.
Any type of expenses incurred by the assessee for acquiring, constructing, repairing, reconstructing, maintaining, renovation, renewal etc shall not be allowed as deduction.
Flat 30% of deduction shall be allowed irrespective of the expenses incurred by the assessee.
Confused about complicated laws? Take our GST consultation services to get your issues solved from GST experts. Click here to know more.
From financial year 2016-17, a new Section 44ADA is introduced for presumptive income for professionals. This section is similar to section 44AD for traders. Under this section professionals such as legal, medical, engineering, architect, accountancy, technical consultancy, interior decoration or any
Topic Covered in this Article Persons required to register compulsorily Documents Required for Registration Fees for Registration Voluntary Registration Time Limit for Registration Effective Date of Registration Requirements for Registration Can a person take more than one GSTIN Things that
What is Input Tax Credit under GST? Input Tax Credit (ITC) means claiming the credit of the GST paid on the purchase of goods and services which are used for the furtherance of the business. ITC is a mechanism to
Article 269A of constitution mandates that import of goods or services in India is considered as Inter-state trade. Therefore, import of goods or services is considered as interstate supply and is liable for payment of IGST. IGST on the import
(No spam, you can unsubscribe anytime)
