Latest Blogs from SBS and Company LLP


    • Definition.
    • Position under Service Tax and VAT.
    • Position under GST.
    • Composite supply.
    • Taxability of Works contract.
    • Provisions relating to Input tax credit.

    Introduction of Presumptive Taxation:

    To reduce the burden of small business taxpayers from various tax compliances, Income Tax Act,1961 has introduced a Simplified Taxation System, widely known as “Presumptive Taxation”.

    What is Presumptive Taxation?

    ?UnderPresumptive Taxation, the Income of the Assessee is computed on presumptive basis i.e. at prescribed percentage of the Gross Receipts and all the expenditure incurred by the Assessee related to business are presumed to be claimed.


    Under “Pradhan Mantri Awas Yojana – Housing for All” mission for urban areas isbeing implemented with effect from 17.06.2015 to provide centralassistance to implementing agencies through States and UT’s for providing houses to all eligible families / beneficiaries. As a central sector scheme, the existing Credit Linked Subsidy Scheme (CLSS) component of the mission provides interest subsidy on home loans taken by eligible urban poor i.e. Economically Weaker Sections(EWS) /Lower Income Group(LIG) for acquisition

    • construction of house.Coming to taxability under Good and Service tax, for the services being provided to the persons who are eligible for the benefit of CLSS and other weaker section housing schemes are taxed at a lower rate through press release no. 132 dated 22.01.2018.

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