Income Tax Articles

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

Posted by Vivek Jalan 14 February 2024 846 Views

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

Posted by CA Pooja Dhoot 13 February 2024 2882 Views

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

Posted by CA Niraj Navindgikar 13 February 2024 8848 Views

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

Posted by Affluence Advisory 13 February 2024 9195 Views

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!

Posted by CA Aman Rajput 13 February 2024 1573 Views

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

Posted by Vivek Jalan 10 February 2024 2389 Views

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

Form 10F Update: PAN-Free Tax Filing for NRIs

Posted by CA Arun Tiwari 10 February 2024 3810 Views

In a significant development, non-resident Indians (NRIs) can now navigate tax-related matters more efficiently, thanks to the introduction of electronic filing for Form 10F.

12 Changes in ITR-6 Form for AY 2024-25

Posted by CA. Bhavik P. Chudasama 09 February 2024 4288 Views

CBDT has notified Income-tax Return Form 6 for the Assessment Year 2024-25, vide Notification No. 16/2024, dated 24-01-2024.

How to Import Bank Statements to Tally in 3 minutes?

Posted by Aarika 09 February 2024 4406 Views

Bank statements are a fundamental part of accounting. Accountants typically collect the statements from clients on a monthly basis, however, the frequency can vary with some businesses providing statements quarterly or even more frequently, depending on their size, transaction volume, and specific needs.