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 »
The Finance Act, 2023, brought in an amendment to bring the consideration received from non-residents for issue of shares by an unlisted company within the ambit of section 56(2)(viib) of the Income-tax Act, 1961(the Act), which provides that if such consideration for issue of shares exceeds the Fair Market Value (FMV) of the shares, it …
CBDT notifies changes to Rule 11UA in respect of ANGEL TAX Read More »
Shri Vishnu Dattatraya Ponkshe v. CPC Bengaluru (ITA No. 1570/Mum/2023) Facts: ITAT Mumbai held as below: www.startupstreets.com, www.economiclawpractice.com, www.intellexconsulting.com, www.intellexcfo.com
CBIC vide Notification No. 14/2022 Central Tax dated 05.07.2022 has provided for certain changes in FORM GSTR-3B so as to enable the taxpayers in reporting correct information regarding Input Tax Credit (ITC) availed, ITC reversal, ITC re-claimed and ineligible ITC. Currently, the invoices not meeting the necessary conditions for availing ITC shall be reversed in …
Employees drawing substantial salaries and having rent-free accommodation provided by their employers will now be able to save more and get a higher take-home salary as the income tax department has revised norms for valuing such houses. The Central Board of Direct Taxes (CBDT) has notified amendments to the Income Tax Rules which will come …
