Introduction: Updated Income Tax Return In the realm of taxation, accuracy is paramount. However, even the most meticulous taxpayers can sometimes make errors or omissions in their income tax filings. To address this issue and ensure compliance, the concept of ITR-U (Updated Income Tax Return) comes into play. Updated Income Tax Return In this detailed … Read more
Process and Benefits of Charitable Trust Registration Online Establishing a charitable trust is a noble endeavour aimed at making a positive impact on society by addressing various social, cultural, educational, or humanitarian issues. If you’re considering starting a charitable trust, you may have questions about the registration process, costs involved, and the benefits it offers. … Read more
Introduction: Financial Compliance and Optimization In today’s globalised economy, businesses face a myriad of challenges when it comes to navigating the intricate landscape of duties, taxes, and financial regulations. From import/export duties to VAT/GST compliance and customs regulations, staying on top of these complexities is crucial for success. That’s where Duties Taxes Group (DTG) … Read more
Section 40A (3) of income tax act Section 40A(3) of the Income Tax Act, introduced as an amendment in 2009, imposes restrictions on cash payments or receipts exceeding a specified threshold. Section 40A (3) of income tax act This section disallows tax deductions for expenses exceeding Rs. 10,000 made in cash on a single day. … Read more
Introduction:- Best Section 40A(2) of income tax act addresses payments made to relatives and associated individuals. It stipulates that if an assessee incurs expenses intended for payment to a specified person, and the Assessing Officer deems such expenditure excessive or unreasonable in relation to the fair market value of the goods, services, or facilities provided, or … Read more
