25 April 2023
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This article will help you understand some of the exemptions and deductions that are valid under the new tax regime.
Under the Income Tax Act, depreciation is allowed as a deductible expense for assets used in business or profession, subject to certain conditions and limitations. The amount of depreciation that can be claimed depends on the asset's useful life, which is determined by the Income Tax Rules.
Section 129 of Indian GST Laws: The Crucial Difference Between Bona Fide Non-Compliance and Mala Fide Non-Compliance and How it Affects the Action Taken by the Proper Officer?
The judgment raises a pertinent point whether it is time to review of the bank recovery Acts to judge how the principles of natural justice is being implemented and make changes, if necessary, as has been done in the aforesaid judgment.
This article covers the deductions available in Old Vs. New tax regime, in brief, should help in making the required choice. This is applicable from 01.04.2023 i.e. for FY 2023-2024 or say AY 2024-2025.
IND AS 41 is a standard issued by the Institute of Chartered Accountants of India (ICAI) that provides guidance on the accounting treatment for agricultural activity. The objective of IND AS 41 is to ensure that the financial statements of entities engaged in agriculture provide relevant and reliable information about their agricultural activities.
An unregistered buyer who decides to cancel the agreement to purchase a flat can claim GST refund paid by him from the builder or the government depending upon the timeline of the cancellation of such agreement.
The National Financial Reporting Authority (NFRA) in India has imposed a penalty of ₹300,000 on the statutory auditor of now-de-listed company SRS Ltd, along with a three-year ban on taking up statutory or internal audits of any company, for alleged professional misconduct and lapses in the FY18 audit of the company.
Every year, all company taxpayers need to file form MSME-1 by a notification dated 2nd November 2018 but it holds a huge significance this year as the payments would be disallowed by the Income Act authorities if payment is not made within 45 days.
What does Section 18 say?Section 18 of the CGST ACT 2017 talks about the Input Tax Credit availability under special circumstances such as in case of exempt sup...
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