Important Concept under Income tax Act – Concept of Previous Year & Assessment Year The financial year that ended just before the assessment year is referred to as the previous year. It is the year that expenses are incurred and money is earned. The year that the tax authorities evaluate and impose taxes on the income …
Changes introduced in ITR Forms for AY 2024-25 Why do Income Tax Return Forms have AY’s? ITR forms include an AY since the revenue for a certain FY is computed and taxed in the evaluation year, which is the following year. Thus, we now have a clear and understandable summary of Financial Year and Assessment …
Gross Direct Tax collections for Financial Year 2023-24 upto 10.02.2024 The Finance Ministry has made available the direct tax collecting results. As of February 10, 2024, the provisional figures demonstrate an excellent year-over-year gain of 17.30%. CBDT in his latest report released on Sunday, stated that Indian nation’s net direct tax revenues for the same …
Legal Provision of Section 43B(h) of the Income Tax law. What is come under the definition of Small Enterprises? Business Enterprise which is completed all below conditions. (a) Sale/ Turnover should not more than INR 50,00,00,000/- (b) Investment is P&M Should not exceed INR 10,00,00,000/- What is come under the definition of Micro Enterprises? Business …
Govt extends few Direct Tax Timelines due to COVID -19 pandemic Because of demands from taxpayers, tax experts, professionals, and other stakeholders to further extend various Direct Tax due dates in the light of the COVID-19 pandemic spreading unabated across the world, the Central Govt has agreed to increase specified timelines vide On April 24, …
Key highlights of PM Modi’s speech on Transparent Taxation: Seamless, painless, Faceless Assessment On 13 August PM Modi will launch the platform ‘Transparent Taxation – Honoring the Honest’, The upcoming platform would help CBDT’s reform agenda to make the tax filing process clearer and simpler, the Ministry of Finance said. The CBDT has taken a …
Essential Key concepts Taxation on gifts Gifts up to Rs 50,000 per year are exempt from tax in India. In addition, donations from particular relatives, such as parents, spouses, and siblings, are also exempt from tax. Gifts are taxable in other cases. The gift tax in India falls under the Income Tax Act as there …
New Income Tax Scheme 30 percent additional deduction on New Payroll expenses for certain assesses: Section 80JJAA In order to encourage job generation in India, the Government enacted Section 80JJAA under Chapter VIA of the Income Tax Act, 1961 which provides for deductions for the employment of new workers. It shall refer to any assessee, …
www.carajput.com; MSME Big Moves for MSME sector announcement FM Nirmala Sitharaman Announcements Collateral Free Instant Loan for MSME. No guarantee is required. It’s been 4 years. No key repayment for 1 year. Strong MSME: Subordinated Debt 20,000 Crore For Stressed MSMEs Rs. 20000 Crores subordinate debts (all NPAs or stressed MSMEs will be eligible) MSME …
Direct Tax Updates: CBDT has tightened framework for compounding of offences almost shutting the window for money laundering, non-disclosure of foreign assets or possession of a benami asset. The latest guidelines which come into effect from June 17, clearly state offences in this category cannot normally be compounded. However, finance minister can relax restrictions on …