Many banks interpret the term 'total income' concerning declaration in 15G/H, as any non-professional would and due to lack of proper understanding, reject the order in Form 15G or 15H.
Section 194Q of the IT Act, which has been effective since 1st July 2021 has created a lot of confusion among taxpayers and professionals. Let us understand the guidelines for the applicability of the section.
TDS/TCS is to be deducted/collected u/s 194Q/206C(1H) respectively, if purchase/sales to a single party exceed Rs.50 Lacs. Whether the amount of GST is to be included in the calculation of the above limitation? Let us understand.
Under section 10 of the Income-tax Act, 1961 certain incomes from house property are exempted from tax. These incomes are not to be included in the total income of the assessee.
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Discussing the practical aspects of GST refunds that will help you to get refunds easily and quickly from the department. Kindly keep these points in mind while filing a GST refund.
Discussing whether a bank can prescribe different rates of interest for the same tenure, for the same amount, on the same day, for different FD products, at the same or different branches of the bank.
In this article, the paper writer has examined the sales promotion expenses incurred, the eligibility to avail credit on these expenses and the restricted credit on gifts.
Analysing the reading of Second Proviso to Section 206C(1H) and Section 194Q(5) and fetching answers after a harmonious reading of both the sections against different situations.
Under the revised guidelines, the Ministry of MSME has issued an order to include retail and wholesale trade as MSME and extending to them the benefit of priority sector lending.
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