Impact Analysis of Section 43B(h) Amendment on timely Payments to MSME Micro, Small, and Medium Enterprises (MSMEs) are the backbone of India’s economy, playing a pivotal role in creating jobs and contributing to GDP. Finance Minister Nirmala Sitharaman has emphasized the critical role of MSMEs in India’s economy and reaffirmed the government’s dedication to ensuring …
Parents Can Claim Tax Collected at Source Credits for Foreign Education of Children: New Income Tax Rule: The recent changes by the Central Board of Direct Taxes provide a much-needed update to the process of claiming Tax Collected at Source credits, particularly beneficial for families with children studying abroad. These changes are intended to ease …
Disallowance Section 40(a)(ii) of Indian / Domestic Taxes: What is Section 40(a)(ii) & its Disallowance? The provision you’re referring to, which deals with disallowance of expenses due to failure to deduct TDS, actually falls u/s 40(a)(ia) . It seems there might be a mix-up regarding the specific provision you’ve mentioned. Section 40(a)(ii) actually deals with …
CBDT Guideline: Apply for condonation delay in filing ITRs for claims refunds or C/F losses New guidelines issued by the CBDT streamline the process for condonation of delay in filing ITRs specifically for claims related to income tax refunds or carrying forward losses. These Guideline Rules, which override all previous Income Tax instructions, grant different …
Whether digital gift cards are Virtual Digital Assets ? Meaning of Virtual Digital Asset : Definition of VDA: Section 2(47A) of the Income Tax Act defines a VDA as any digital item like data, code, numbers, or tokens (excluding Indian or foreign currency) created using cryptography or other methods. This includes non-fungible tokens and other …
The Section 87A Story : The Section 87A Mystery The changes in the interpretation of Section 87A, particularly regarding the New Tax Regime after July 5th, 2024, have indeed caused confusion and tax demands for many taxpayers who filed their Income Tax Returns before the updated interpretation was implemented. This sudden change in the interpretation …
Why is Income Tax Dept On ITR Processing Slow This Year? Overall 25% Less ITRs have been processed so far. ITR 2 Processing Growth: -59% ITR 3 Processing Growth: -37% Delay in ITR Processing: Lot of factors collectively explain the slowdown in Income Tax Return processing this year, with an overall 25% decrease in processed …
What is the Income tax Penalties for late or belated ITR filing for AY 2024-25? Taxpayer may please note there will be NO EXTENSION in ITR Filing this time. Kindly file your ITR up to 31 July 2024 for AY 2024-25 to avoid any late fee and penalty. The last date for filing an ITR …
High volume of Income Tax Return filings on the deadline day FY 2023-24 High volume of Income Tax Return filings on the deadline day indicates a significant rush among taxpayers to comply with the tax regulations before the due date. Over 7 crore ITRs filed this year demonstrates a broad base of compliance and awareness …
If you fail to file ITR before 31 July, can result in consequences FY 2023-24 Missing the ITR filing deadline of 31 July can indeed have significant consequences for taxpayers this year, particularly due to the new provision related to the old and new tax regimes. Details is here under : No Old Regime Automatic …