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Income Tax On Leaving A Job

Category: Date: 2020-09-30 07:22:38

When a person shifts the job in between the financial year i.e between 1st April 2016 to 31st March 2017 then he will get two Form 16, one from the previous company and one from new company. He might also get leaves encashed and perks. Exemption on Encashment of Leaves for Salaried Employees: Most companies give all their employees a certain number of days which can be claimed as leaves. Therefore, in case if a person does not claim these leaves then many companies als

Tax Payment Procedure Under GST?

Category: Tax Date: 2020-09-30 07:24:34

Now that the GST will soon be launched, an essential point to note is the process of tax payment. First, it is essential to understand if the individual or entity is qualified for GST tax or not. There are various conditions which the taxpayer can check to understand the criteria for the qualification and the payment of GST tax. Tax payment is demanding as late payment can attract penalty and even cancellation of the business or ventures by individuals o

Great decision by Income Tax in favour of Seafarers

Category: Seafarers Date: 2020-09-30 07:27:36

t seems the battle is won. Reproducing as is where is basis to avoid confusion. ------------------------------------------------------------------------------------------------------------

3 Things One Needs to Know About NRI Account

Category: NRIs Date: 2020-09-30 07:28:32

If you are an Indian who is staying abroad, definitely you will be looking for various options where you can send money to your native country. With so many option available, which one is the best and the safest? The NRI account is one option which has several benefits to the account. Among all the benefits that are offered with this account, these are the three factors which are the most important one that an NRI should know: Types of NRI account When an NRI opens an account, you will have di

Liberalised Remittance Scheme

Category: Remittance Date: 2020-09-30 07:39:14

The legal framework for administration of foreign exchange transactions in India is provided by the Foreign Exchange Management Act, 1999. Under the Foreign Exchange Management Act, 1999 (FEMA), which came into force with effect from June 1, 2000, all transactions involving foreign exchange have been classified either as capital or current account transactions. All transactions undertaken by a resident that do not alter his / her assets or liabilities, including contingent liabilities, outside I

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FAQ

When are the provisions of the Valuation Rules applicable?

The provisions of the Valuation Rules are applicable only when,

(i) consideration not in money terms which is either wholly or partly;
(ii) parties are relevant or supply by any stated category of supplier; and
(iii) transaction value is not reliable to be declared.

What does a property valuation
require?

During a property valuation, a valuer should inspect the property physically, measure the land and adequately verify it against the title or plan of subdivision. The appointed valuer will measure the house physically, taking a description of its condition and improvements, taking a photo and review a minimum of three proportionate sales from which to conduct a sales inquiry. This information is further used to regulate the value of the property and then the valuer will prepare a written report depending on his/her findings.

What are the key factors that contribute to a property’s value?

The key factors that contribute to a property’s value are dependent on the land, size, location, topography, shape and aspect can, in some instances, accounts for up to 70% of a property’s value. Also the land component will acknowledge where building structures will always deteriorate. The other factors that can influence the value of the property includes architectural style and uniqueness, design and layout, potential for the future development or renovation, the number of bedrooms and bathrooms, and the quality of the

Other factors which can influence the value of a property include architectural style and uniqueness, design and layout, potential for future development or renovation, the number of bedrooms and bathrooms, and the quality of equipments and fittings, just to mention a few.

Is contract price not sufficient to determine valuation of supply?

Contract price is more accurately referred to as the transaction value and that is the basis for enumerate the tax. Therefore, when the price is determined by the factors such as relationship of the parties or where assertive the transactions are assumed to be supply, which do not have a price, the value has to be settled in conformity with the GST Valuation.