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16/06/2022

23/04/2022

Section 9 in The Hindu Marriage Act, 1955
9 Restitution of conjugal rights. When either the husband or the wife has, without reasonable excuse, withdrawn from the society of the other, the aggrieved party may apply, by petition to the district court, for restitution of conjugal rights and the court, on being satisfied of the truth of the statements made in such petition and that there is no legal ground why the application should not be granted, may decree restitution of conjugal rights accordingly.
Explanation. Where a question arises whether there has been reasonable excuse for withdrawal from the society, the burden of proving reasonable excuse shall be on the person who has withdrawn from the society.
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TaxVertex Consultancy Team

08/02/2022

PPF - Public Provident Fund

PPF Information
Tenure: 15 years (Can be renewed in blocks of 5 years)
Interest rate: 7.1% p.a
Investment Amount: Minimum Rs.500, Maximum Rs.1.5 lakh p.a.
Maturity Amount: Depends on the investment tenure

How to open a PPF account?
• Public Provident Fund
• Individuals can open a PPF account at banks or at post offices. Earlier, opening a PPF account was allowed only at Nationalized Banks, however, private banks such as Axis, HDFC, and ICICI Bank also offer the PPF scheme. The documents required to open a PPF account is mentioned below:
• The application form must be submitted.
• ID proof such as Aadhaar card, Permanent Account Number (PAN) card, passport, etc., must be submitted.
• Address proof with the current address mentioned on it should be submitted.
• Signature proof.
• After submission of the above documents, the amount that is required to open a PPF account can be deposited.

1. The rules governing Public Provident Fund accounts say that you cannot withdraw the Public Provident Fund account balance after your Public Provident Fund account finishes its tenure (15 years).

2. Once the completion of your 15-year term, you can get access to the Public Provident Fund account balance, and also withdraw it.

3. Any time before the completion of the full tenure of the account, you cannot withdraw the entire Public Provident Fund account.

4. The premature withdrawal of your Public Provident Fund up to 50% of the account balance is allowed once you complete 5 years of the Public Provident Fund.

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TaxVertex Consultancy

03/02/2022

New Income Tax Slab Rates for F.Y 2022-2023( w.e.f 1st April 2022)

03/02/2022

How to calculate tax on income from cryptocurrency
Section 115BBH has been introduced to tax Virtual Digital Assets [as defined u/s 2(47A)
of the Act i.e. Cryptocurrency] @ 30% without deduction of any expenditure except cost of acquisition.
Moreover, no set- off/ carry forward for losses shall be allowed.

The announcement of flat 30% tax on income from transfer of virtual digital assets (VDAs) including cryptocurrencies and NFTs in Budget 2022 has been welcomed by crypto community in India. Even as the VDA tax rate is high, they are happy with the fact that crypto has gained some recognition by finding a mention in official Budget document for taxation purpose. However, Finance Minister Nirmala Sitharaman has clarified that imposition of tax on income from VDAs including crypto doesn’t mean they have been declared legal.

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Taxvertex consultancy

24/01/2022

Income-tax Department has provided taxpayers with several deductions availing which they can reduce the taxable income thereby reducing tax liabilities.
Deduction under section 80GG where taxpayers will get a deduction of the amount of rent paid during the year. This deduction is available to both Salaried persons and also to a self-employed person.
In this article, we will discuss conditions fulfilling which one can claim the deduction, quantum of deduction available, procedure to claim it, etc. Condition to claim the Deduction
1) Individual/HUF – Only Individual or HUF are eligible to claim these deductions

2) No HRA to be received during the year – To claim deduction under section 80GG, taxpayer should not receive any part of House Rent Allowance in the salary.
If employer provide home rent allowance (HRA) as part of the monthly compensation to the taxpayer, he/she can claim deduction under section 80GG.
But he cannot claim additional deduction under section 80GG.

3)Does not own any property – Another Condition to claim deduction is that the assessee or his spouse or his minor child does not own any residential property at the place where he ordinarily resides or where he perform office duties or causes his business or profession. It is worth to be note that the family of taxpayer should not hold any residential property at the place where he ordinarily resides, but can own property at any other location.

4) All Owned Property to be declared as Deemed Let-out Property – The assessee should not own any residential accommodation in his or her own occupation, at any other place, whose value is to be determined as a Self-Occupied Property.

Amount Eligible for Deduction Quantum of deduction shall be least of the following:-

A) 5000 per month
B)25% of Adjusted Total Income
C)Actual rent less 10% of Adjusted Total Income*

*Adjusted Total Income = Gross Total Income except LTCG, STCG, 115A or 115D and all other deduction 80C to 80U to be excluded from income

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TaxVerTex Consultancy