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Online Information Data Base
Access and Retrieval (OIDAR)
GST
(Goods & Services Tax)
What is OIDAR?Online Information Database Access and Retrieval services(hereinafter referred to as OIDAR) is a category of servicesprovided through the medium of internet and received by therecipient online without having any physical interface with thesupplier of such services. E.g. downloading of an e-book onlinefor a…
Deduction in respect of purchase of electric vehicle u/s 80EEB of income tax Act.
(1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, interest payable on loan taken by him from any financial institution for the purpose of purchase of an…
Deduction in respect of interest on loan taken for certain house property under senction 80EEA
After section 80EE of the Income-tax Act, sections 80EEA shall be inserted with effect from the 1st day of April, 2020. (1) In computing the total income of an assessee, being an individual not eligible to claim deduction under section 80EE, there shall be deducted,…
Maintenance of accounts by certain persons carrying on profession or business.
44AA. (1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette shall keep and maintain such books of account and…
Penalty when accounting records as required are not maintained as per Section 44AA
If the taxpayer fails to maintain accounting records as per the requirements of Section 44AA, a penalty may be levied under section 271A. The maximum penalty that can be charged is Rs. 25,000. However, if the taxpayer can prove there is a reasonable cause for…
CBIC Latest Issues 12 Important GST Notifications Related to 43rd GST Council Meeting.
Date of Effect of Section 112 of the Finance Act 2021Vide Notification No. 16/2021 – Central Tax, CBIC has appointed 1st June 2021 as the date on which Section 112 of the Finance Act 2021 shall come into force. This section seeks to amend Section…
