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Income Tax Articles


Salary Slip with Format and Its Important Parts

  Mitali    16 February 2024 at 16:22

A salary slip or a pay slip is a document provided by an employer to an employee, with a detail list about the salary components such as HRA, LTA, bonuses, and deductions for a specific period, typically a month.

Posted in Income Tax |   5875 Views


Form 67 is directory and not mandatory to claim foreign tax credit

  VIVEK JALAN    16 February 2024 at 14:53

It is high time that necessary amendments should be made in the Income Tax Act/Rules to incorporate the process of claiming the tax credit, where the foreign tax credit certificates are received by an assesses even after the end of the assessment year.

Posted in Income Tax |   521 Views


Demystifying Section 80GGC: A Deep Dive with Vivaan & Aahil

  CA. Bhavik P. Chudasama    16 February 2024 at 12:02

The bustling cafe hummed with conversation as Vivaan and Aahil, two college buddies, debated over their tax returns. Aahil, ever the tax-savvy one, mentioned claiming a deduction under Section 80GGC, piquing Vivaan's curiosity.

Posted in Income Tax |   2632 Views


Analysis of Section 80P Deduction for Co-operative Societies

  CA Aman Rajput    16 February 2024 at 08:44

In this article we will discuss the intricacies of Section 80P, drawing insights from the recent Tribunal case of Sardar Patel Co-Operative Credit Society Ltd. v. Deputy Commissioner of Income-tax, Circle-2(3) (IT APPEAL NO. 645/SRT/2023).

Posted in Income Tax |   2419 Views


Tax Time Made Easy: Mastering 43B(h) with a Friendly Q&A and Year-Specific Dates

  CA. Bhavik P. Chudasama    15 February 2024 at 16:53

Today, we're diving into the world of Indian Tax Law, specifically Section 43B(h) of the Income Tax Act, 1961.

Posted in Income Tax  5 comments |   2986 Views


Understanding NRE and NRO Accounts: Tax Implications and Differences for NRIs

  CA Arun Tiwari    15 February 2024 at 08:46

Managing finances as a Non-Resident Indian (NRI) involves understanding the tax implications and differences between Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts. Both NRE and NRO accounts have specific purposes and distinct tax considerations. Let's delve into the details of these accounts and explore their tax implications.

Posted in Income Tax  1 comments |   2861 Views


All about Section 43B (h) of Income Tax Act, 1961 related to MSME Enterprises

  CA Rahul Mittal    14 February 2024 at 08:47

Today everyone is talking about section 43B (h) of the Income Tax Act which is related to MSME Enterprises. Everything is curious to know when this will be applicable. What will happen if it becomes applicable? Will it apply to everyone? Today I will explain everything about this section in this article.

Posted in Income Tax  6 comments |   22467 Views


TDS Deductors may witness notices on deduction if the counter-party disagrees

  VIVEK JALAN    14 February 2024 at 08:47

Advance income tax collection through TDS/TCS mechanism has been a top target of the Government, along with tracking of the flow of income on goods or services. Over the years we have witnessed the TDS/TCS mechanism getting wider and more stringent

Posted in Income Tax |   708 Views


Section 43B(h) - Income Tax Implications w.r.t MSME from AY 2024-25

  CA Pooja Dhoot    13 February 2024 at 14:19

Commencing from April 1, 2024 (AY 2024-25), Section 43B(h) of the Income Tax Act introduces significant changes concerning expenses related to purchases or services from Micro and Small Enterprises (MSMEs).

Posted in Income Tax  4 comments |   1961 Views


Tax Planning for Individuals under Section 80C

  CA Niraj Navindgikar    13 February 2024 at 14:19

Don't miss out on tax-saving opportunities! Learn about Section 80C Deductions and make smart investment choices for FY 2023-24 (AY 2024-25).

Posted in Income Tax  2 comments |   8653 Views