Clause 44 in Form 3CD under Section 44AB of the Income Tax Act 1961 - Updated FAQs
With the change in criteria as per new MSME schema, every new registered person needs to obtain registration only as per new schema from July 1,2020. Thus, it must be noted that the old criteria have become redundant in respect of new registrations.
The article lists down the Indirect Tax Proposed Amendments by Finance Bill 2023
Direct Tax Proposals - Finance Bill 2023.
I can't predict the future as to what will unfold prospectively for all of us, as no one would know what lies ahead, but I have made this attempt to pen down my views for the benefit of the readers of this article which dwells on the topic of Central Bank Digital Currency - A Curtain Raiser, A Catalyst.
The author has made the attempt to present this article in FAQ format by curiously and incisively watching and analysing, threadbare, the insightful discussions pertaining to clause 44 reporting in Form 3CD for the benefits of all the readers of this article.
This article covers the digital synchronization between Income Tax Law and GST Law together with an illustrative table of reconciliations between financial statements.