CAclubindia Articles
The 45 Day Payment Rule
These days everywhere you see people are talking about the 45-day payment rule (MSME Section 43B (h)) but often people are more confused rather than convincing so let's understand this entire concept.
Is Stipend Taxable
A stipend is a sum of money paid to someone which are typically smaller than salaries and are provided to individuals to support them financially while they gain knowledge and experience through education, training, or specific positions.
Applicability of provisions to collect taxes at source ('TCS') on foreign payments
Vide notification dated 16 May 2023, the government deleted the above-mentioned exception. It included the payments by use of an International Credit Card for making payment by a person towards meeting expenses while such a person is on a visit outside India within the ambit of LRS.
Payments to MSME vendors
Section 23 of the MSMED Act provides that where the assessee is liable to make payments of interest under or in accordance with the provisions of the MSMED Act, no deduction shall be allowed to the assessee for such payments for calculating taxable income under the Income Tax Act.
Applicability of IND AS
MCA has notified a phase-wise convergence to IND AS from current accounting standards. IND AS shall be adopted by specific classes of companies based on their Net worth and listing status.
Appeals and Review Mechanism under GST
Appeal under any law is an application to a higher authority for a reversal of the decision of a lower authority. Appeals arise when there are any legal disputes. Here, we are discussing appeals under GST law.
Section 194Q of the IT Act, 1961
Section 194Q of the Income Tax Act, 1961 is a provision that deals with Tax Deducted at Source (TDS) on the purchase of goods.
Alternative Minimum Tax (AMT): Applicability, Exemption, Calculation
Alternate Minimum Tax or AMT was came into existence for non-corporate taxpayers who works on same principles. Though, applicability, exemption, way of adjusting income and reporting requirement etc. differ from Minimum Alternate Tax.
Options for Saving Income tax for Salaried Person
As March approaches, salaried person start worrying about saving taxes and confused about the tax saving options available with them. Salaried people are also confused as to which regime will save more tax. Answers to lot of questions have been given in this article.
Demystifying Section 54F of the Income Tax Act
Selling a capital asset, such as a commercial property or land, often results in substantial capital gains. While exciting, these gains come with the burden of taxation. Fortunately, the Income Tax Act offers solace in the form of Section 54F, which provides an avenue for exemption on long-term capital gains arising from the sale of non-residential assets.
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