Income Tax Articles

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

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

CA Arun Tiwari 10 February 2024 at 09:12

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

CA. Bhavik P. Chudasama 09 February 2024 at 11:18

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?

Aarika 09 February 2024 at 09:52

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.

All about filing an appeal before CIT(A)

CA.Sangam Aggarwal 09 February 2024 at 08:49

The Income-tax Act, 1961 allows tax payers to challenge the orders passed by the AO after the assessment proceedings

How to make TDS challan payment through online - New Process

CA.Sangam Aggarwal 08 February 2024 at 08:57

Process of TDS payment has been changed from NSDL portal to Income Tax Portal. This article highlights the detailed process of making payment of TDS.

Maximizing Tax Benefits for MSMEs: Decoding Section 43B(h) Amendment

Mukul Agrawal 07 February 2024 at 10:24

In a bid to support for Micro, Small, and Medium Enterprises (MSMEs), the recent amendment to Section 43B of the Income Tax Act has brought forth significant changes.

Error in drafting Section 87A of Income Tax Act, 1961

CA Tejas Andharia 05 February 2024 at 10:51

Most of us would be knowing about and have been claiming a rebate under section 87A of Income Tax Act, 1961. But very few of us would be fully aware about the controversial implications of new drafted proviso (b) to this section which is effective from AY 2024-25. Let's see the Section 87A of Income Tax Act, 1961 first.