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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.
Today, we're diving into the world of Indian Tax Law, specifically Section 43B(h) of the Income Tax Act, 1961.
CBDT has notified Income-tax Return Form 6 for the Assessment Year 2024-25, vide Notification No. 16/2024, dated 24-01-2024.
Before we dig deeper into how these unscrupulous people avail the wrongful benefit of the Input Tax Credit claim and cheat the government, we need to understand the Goods and Services Tax (GST) structure and how it works.
Filing an application under Section 119(2)(b) of the Income Tax Act in India typically involves specific procedures.
Certifying certificates is a responsibility that Chartered Accountants (CAs) take seriously. Here are some general do's and don'ts to consider
Here's an overview of GST rates and taxable value concerning the jewellery industry:
Tax Deducted at Source (TDS) is a mechanism of collecting income tax at the source of income itself. TDS is applicable to various types of payments such as salary, interest, commission, rent, etc.
In Industry still there are many confusions regarding what is Pure Agent and what are conditions to act as pure agent especially when there is a case of 'Reimbursement of Expenses'.
Since we are already in the last month of the Accounting year i.e. March 2023, which mandates a few important points to be taken care in the current month so that there is smooth functioning in the next year without much reference to the previous year. Keeping the same thing in mind, we have tried to brief some important points to be taken care of.
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
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