Myth vs Facts – Decoding Tax Audit u/s 44AB(e):44AD Nature of Business or Profession When audit is Mandatory? Business loss In case of loss from carrying on of business and not opting for presumptive taxation scheme Total sales, turnover or gross receipts exceed Rs 1 Crore If taxpayer’s total income exceeds basic threshold limit but he …
What are the Basic Tax advantage to Borrowers on taking Personal Loan ? Over the past ten years, fintech has allowed the present-day financial industry to grow and change in many ways. The process of applying for a loan, having it approved, and receiving the funds in your bank account is simpler and faster than …
Key features of Tax Collection at Source @ 20 percentage from 01-10-2023 on foreign remittances: 1. Exemption threshold limit of Seven lakhs per FY per individual shall apply to remittance under liberalized remittance scheme. No threshold exemption for foreign tour packages 2. Tax collection at source Rates for LRS: On amount exceeding INR Seven …
FORM DRC-22- Automatic restoration of provisional attached property The Goods and Services Tax Council’s Fifty Two meeting was held under chairpersonship of the Nirmala Sitharaman (Union Finance & Corporate Affairs Minister) in Delhi on October 07, 2023. Goods and Services Tax Council recommended amendment in Rule 159(2) of the CGST Rules, 2017 and Goods and …
Insolvency professional’s to update 16-digit NCLT filing No in all IP Assignments It is compulsory for the Insolvency professional to update sixteen-digit National Company Law Tribunal filing No in all assignments handled by IP’s & same has been approved by IBBI. In order to facilitate the same a tab had been provided under each CD …
Trusts/NGOs required to maintenance of Books u/s 10(23C) or Section 12A : New IT Rule 17AA Central Board of Direct Taxes issue the Notification new Income Tax Rule 17AA, which prescribed Books of Account & other information & documents that must be maintained & keep the records in the case of NGOs/Trusts/Universities/Medical Institutions /Educational/Hospitals etc. …
Concept of Foreign Tax Credit Claim In case taxpayer, who is a resident of India, & he paid income taxes outside India/ in foreign contrary, He can claim of such foreign taxes paid against his income tax payable in India. While claiming a deduction or claiming of Income taxes credit which has paid in the …
AI (Artificial Intelligence) may help CA’s Deliver High Quality Audits Current scenario of Chartered Accountants Audit Services Now a days Chartered Accountants are faces challenges like poor work life balance; less time for business expansion; process inefficiency, limited availability of skilled resources and manual management leading to higher operational cost; poor traceability & visibility of …
CBDT Extends Timeline of filling Form 10B, Form 10BB & ITR-7 AY 2023-24 This Article is giving overview of the requirements for filling NGO Audit reports for Form 10B, Form 10BB, & nd ITR-7 for the AY 2023-24. The Central Board of Direct Taxes Extends due date of furnishing audit reports Deadlines for Form 10B, …
Discrepancy in GST E-way Bill: No Penalty under GST law will be Levey The origination as well as termination of the goods in question was in State of Madhya Pradesh meaning thereby the authorities are of the view that the goods were not to be unloaded in the State of UP or any intention to …