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 …
Reserve Bank of India Update: Withdrawal of ₹2000 Denomination Banknotes – As on May 19, 2023, Reserve Bank of India said more than 97% of Rs. 2,000 denomination banknotes in circulation have been returned by 31st October, 2023, Even as balance Rs. 2,000 Banknotes in circulation continue to be legal tender. Reserve Bank of India, …
What are the basic Issue of sharing confidential information during Corporate Insolvency Resolution Process under the IBC law? An Resolution professional shall ensure that information confidentiality relating to liquidation, CIRP or bankruptcy process, as case may be, Resolution professional should maintained at all times during liquidation, CIRP or bankruptcy process. Resolution professional shall share IM …
Latest Update from MCA, SEBI, GST for the Month of OCT 2023 · Ministry of Corporate Affairs imposes INR 49,70,000/- penalty for delay in Company Secretary Appointment · INR 8,00,000/- Penalty levy for Unspent Corporate Social Responsibility Reason Non-Disclosure in Board’s of Director Report · Ministry of Corporate Affairs Penalizes Co. for Non-Inclusion of Sexual Harassment …
Complete Decoding Form 10B/10BB For AY 2023-24 FORM 10B/10BB FOR AY 2023-24 Form 10b: Audit Report In The Case Of Charitable Trusts / Institutions:— · During the previous year; § Total income without giving effect of section 11&12 – exceeds Rs.5 Cr § Total income of the institutions of 10(23C) (iv), (v), (vi), (via) exceed …
Tax Advantage available to super senior citizen & senior citizen. Who is classify as super senior citizen & senior citizen? Ans :. Income Tax definition of super senior citizen & senior citizen: Individual resident who is of the age of Sixty years or above, but less than 80 years is a Senior Citizen. An individual …
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 …
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 …
