Income Tax Articles

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).

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.

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.

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.

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

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).

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).

Section 43B (H) Of the Income Tax Act: Timely payments to MSMEs

Affluence Advisory 13 February 2024 at 08:48

The intention of the government is to promote MSMEs thereby with introduction of section 43B (h) in the Act signifies a positive step towards ensuring timely payments to MSMEs.

Don't Let Tax Season Sneak Up on You: Tips to Save Big!

CA Aman Rajput 13 February 2024 at 08:48

Whether you're a seasoned taxpayer or new to the game, this article will provide you with the tools and information you need to take control of your finances and make the most of tax season.

Excess stock found during survey - Business income or undisclosed investments

Vivek Jalan 10 February 2024 at 14:10

Whoever makes an assertion, must substantiate it. But whoever requires substantiation must also accept it or prove otherwise! In case an assessee explains the source of the investment in excess stock in his statement that the same was undisclosed income of the assessee from its business