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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).
As per Section 122 of the Transfer of Property Act,1882- "Gift is the transfer of certain existing MOVABLE OR IMMOVABLE property made VOLUNTARILY and WITHOUT CONSIDERATION by one person called Donor to another called Donee and accepted by or on behalf of Donee".
Section 194Q is for TDS applicable from 01.07.2021 and Section 206C(1H) is for TCS applicable since 01.10.2020. Let us understand which section will be applicable in practical scenarios.
Recent reliefs by RBI in Bank Branch Audit due to COVID-19. The Reserve Bank of India has brought 3 major circulars in form of COVID-19 regulatory package.
In the earlier article we had seen basics of Indian Accounting standards (IND AS), Now in this article you will be able to read about IND AS 1- Presentation of Financial Statements
IND AS stands for Indian Accounting standards and are converged standards for International Financial Reporting standards.
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