The Finance Ministry recently announced a significant increase in the tax exemption limit for leave encashment on retirement for non-government salaried personnel. The limit has been raised from ₹3 lakh to ₹25 lakh, effective from April 1st, 2023.
Every company registered under this statute or any other as prescribed is required to disclose related party transactions, under Sections 188 and 189 of the Company Act 2013.
Under this Article, I am going to describe the activities/transactions, which although are falling within the scope of Supply
1. Compliance requirement under Income Tax Act, 1961 Sl. Compliance Particulars Due Dates 1 Due date for deposit o...
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.
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.
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.
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