Commencing from April 1, 2024 (AY 2024-25), Section 43B(h) of the Income Tax Act introduces significant changes concerning expenses related to purchases or services from Micro and Small Enterprises (MSMEs).
Don't miss out on tax-saving opportunities! Learn about Section 80C Deductions and make smart investment choices for FY 2023-24 (AY 2024-25).
The intention of the government is to promote MSMEs thereby with introduction of section 43B (h) in the Act signifies a positive step towards ensuring timely payments to MSMEs.
Whether you're a seasoned taxpayer or new to the game, this article will provide you with the tools and information you need to take control of your finances and make the most of tax season.
Whoever makes an assertion, must substantiate it. But whoever requires substantiation must also accept it or prove otherwise! In case an assessee explains the source of the investment in excess stock in his statement that the same was undisclosed income of the assessee from its business
In a significant development, non-resident Indians (NRIs) can now navigate tax-related matters more efficiently, thanks to the introduction of electronic filing for Form 10F.
CBDT has notified Income-tax Return Form 6 for the Assessment Year 2024-25, vide Notification No. 16/2024, dated 24-01-2024.
Bank statements are a fundamental part of accounting. Accountants typically collect the statements from clients on a monthly basis, however, the frequency can vary with some businesses providing statements quarterly or even more frequently, depending on their size, transaction volume, and specific needs.
The Income-tax Act, 1961 allows tax payers to challenge the orders passed by the AO after the assessment proceedings
Process of TDS payment has been changed from NSDL portal to Income Tax Portal. This article highlights the detailed process of making payment of TDS.
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