Frequently asked questions on Section 43B(h) of the Income Tax Act Q: When will the amendment on on Payments for Goods or Services Provided by MSEs U/s 43B(h) of the Income Tax Act come into effect? Ans. The amendment on on Payments for Goods or Services Provided by MSEs U/s 43B(h) has taken effect from …
Change in introduced in Budget, 2024-25 in F&O transactions If Futures & Options profits are reclassified as ‘speculative income’ in the forthcoming Budget 2024-25, several significant changes and implications would arise for traders and the broader financial market. The reclassification of Futures & Options profits as ‘speculative income’ in the forthcoming Budget 2024-25 would have …
List of Professions or Businesses, which cannot Opt for Presumptive Taxation Schemes U/s 44AD Section 44AD is applicable to any Hindu Undivided Family (HUF), resident individual or partnership firm (excluding LLPs) engaged in eligible business, with total turnover or gross receipts not exceeding INR 2 Crores in a financial year. From FY 2016-17 onwards, professionals …
Steps for canceling a duplicate PAN. Yes it is possible to delink PAN by sending an email to the ‘income tax systems’. But before that you have to delete or deactivate your duplicate PAN card. For the deletion process you have to visit the income tax office. Submitting a request to cancel a duplicate PAN …
How do you calculate your income tax under each slab in India? Do you know how much you pay as taxes each year from your income? If you get your auditing done from an external source or have the firm you are working for make the deductions, there’s not much you would know about it. …
MSME Payment Deductions & Union Budget 2023: Demystifying Sec 43B Income tax Sec 43B is a new income tax provision governing the deduction of certain amount sums when we are computing income tax liability. This change holds particular importance when it comes to payments made to MSMEs. New Income tax Alert Income tax Section 43B- …
All about the Limits & penalties related to Cash Transactions Specified Cash Transactions Limits: In recent times, the Income Tax Dept. released an E-Flyer detailing the cash transaction limitations and emphasizing the severe consequences connected to specific kinds of cash transactions. The Tax Department strongly advises taxpayers and business professionals to stay away from cash …
Income Tax dept issuing notices to who claim the Fake HRA? Tax Dept. is taking action against lot of individuals who have claimed House Rent Allowance via delivery Income Tax dept notices. People make fake rent receipt to claim HRA for less than a lakh. Assessee are also punished with big penalties. Tax Dept has …
Exemption of Capital Gain [Section 54 to 54F] S.No Particulars Section 54 Section 54B Section 54D Section 54EC Section 54F 1. Eligible Assessee Individual/ HUF Individual/ HUF Any assessee Any assessee Individual/ HUF 2. Asset transferred Residential House Urban agricultural Land L&B forming part of as industrial undertaking Land or Building Or Both (LTCA) Any …
Summarization of ITR Forms Under Income Tax Act ITR FORMS ELIGIBLE ASSESSEE INCOME FROM SALARY EXEMPT INCOME CAPITAL GAIN INCOME FROM HOUSE PROPERTY BUSINESS INCOME INCOME FROM OTHER SOURCES ITR-1 RESIDENT INDIVIDUAL AND HUF YES YES, PROVIDED AGRICULTURE INCOME IS UP TO RS. 5000. NO YES, FROM ONLY ONE HOUSE PROPERTY. NO NO ITR-2 HUF …