House Rent Allowance (HRA) is an allowance employers provide to cover the expenses of rented housing for employees. The Income-tax Act allows for an exemption on HRA if an employee resides in a rented house. Additionally, the Act permits a deduction on the interest paid by an individual taxpayer on a home loan.
In this article, we will delve into the details of Section 60 and explore the procedures involved in the provisional assessment process.
This is a classic example of a secretarial auditor being penalized by the Registrar of Companies for failing to report material-related party transactions in their secretarial audit report.
The Central Board of Direct Taxes (CBDT) has introduced a new Income tax calculator for the financial year 2023-24. This calculator is designed to be user-friendly and helps individuals and businesses calculate their tax obligations more easily.
A Trust is not a separate legal entity, therefore the tax law uses the concept of the representative assessee to tax the trust as given under section 160 of the Income Tax Act, 1961.
An Indian subsidiary refers to a company that is owned or controlled by another company. It is a business entity where the majority or partial ownership lies with a holding company.
As stated in Section 4 of the 2013 Companies Act when combined with Section 10. The Act's provisions under section 4(1)(c) state, among other things, that the company's memorandum must list the object for which it is intended to be formed as well as any other information deemed relevant to those purposes.
In this article we focus on certain advantages taxpayers can obtain through pre-departmental audits conducted by competent professionals.
In this article, we will delve into the intricacies of these provisions, shedding light on the audit process from both the taxpayer's and the tax authorities' perspectives.
Considering the cash transaction limits under income tax laws, transactions in cash above Rs 2 lakh in a single day are not permitted. Section 269ST of the Income Tax Act, 1961, prohibits cash transactions exceeding Rs 2 lakh in a single day or in aggregate from a person.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
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