The Central Board of Direct Taxes (CBDT) has amended the tax audit form (Form 3CD & Form No. 3CEB) and the form for filing a tonnage tax application (Form 65).The following are the key changes introduced in the forms: ⏩1. Disclosure of expenses for violation of law in India or Outside India: Clause 21 of …
Amount remaining Unpaid beyond 45 Days to Micro and Small Enterprises will be allowed as a Deductable expenses only in the Year when it is paid. As per the insertion of clause (g) to section 43B, last year, any amount remaining unpaid as at year end (say 31st March, 2024) to any creditors being any …
If you have any o/s tax demand or any sort of refunds/ any sort of litigation are pending with Income tax department you can reach us anytime www.startupstreets.com, www.intellexCFO.com, www.intellexconsulting.com, www.economiclawpractice.com
Section 171 of the Income Tax Act, 1961 defines the partition of Hindu Undivided Family (HUF) and deals with the provisions of assessment after its partition. The Partition of HUF should be recognized as per the Income Tax Act and not as per the Hindu Law. Section 6 of the Hindu Succession Act would govern …
Section 40A(3): Cash expenses exceeding Rs. 10,000 to a single person in a day, or Rs. 35,000 for goods carriages, may be disallowed. Exceptions are detailed in Rule 6DD. Section 43(1): Expenditure exceeding Rs. 10,000 to a single person in a day for asset acquisition is excluded from actual cost, affecting depreciation claims. Section 80D: …
Summary that can disallow your Income tax deduction with Sections- Read More »
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Pandian Anbalagan Vs ITO (Madras High Court); W.P.No.11841 of 2022 Facts: Hon Madras HC held as below: www.startupstreets.com, www.intellexCFO.com, www.intellexconsulting.com, www.economiclawpractice.com
The non-resident can click on the ‘Register‘ option on the e-filing portal Under the ‘others’ category, there is an option to choose ‘non-residents not having a PAN and not required to have a PAN‘. Certain basic details will need to be entered, like name, date of incorporation, tax identification number, status, and country of residence. The …
TCS @ 20% from 01-10-2023 on foreign remittances: Important features ii. @ 5% on remittance for education not financed by financial institution. Note : Remittance for education shall include tickets for study abroad, tuition fee and other fee to educational institute and other day to day expenses under codes S0305 or under S1107 iii. @ …
However, if the remittance for education exceeds Rs 7 lakhs, a nominal TCS rate of 0.5% comes into effect. It’s important to note that if the remittance for education is not funded by a loan, a slightly higher TCS rate of 5% is charged. This ensures that larger educational expenses exceeding Rs 7 lakhs are …
New TCS from 1st October 2023 for various foreign remittances: Read More »
