Section 40a a of the Income Tax Act,1961 Section 40(a)(IA) of the Income Tax Act, 1961, deals with the deduction of thirty percent of any sum payable to a resident, on which tax is deductible at source under Chapter XVII-B, and such tax has not been deducted or, after deduction, has not been paid … Read more
Partners remuneration and interest Partners remuneration and interest Section 40(b) of the Income Tax Act imposes certain restrictions and conditions on the deductions allowed for expenses incurred by a partnership firm in relation to the remuneration and interest payable to its partners. Partners remuneration and interest These deductions for partner salaries and interest payments are … Read more
Tax Audit Applicability for FY 2023-24 Professionals Introduction: Tax audit is a crucial aspect of compliance for businesses and professionals, ensuring accuracy and transparency in financial reporting. With the constantly evolving tax landscape, it’s essential for professionals to stay updated on the applicability of tax audit for the financial year (FY) 2023-24. In this comprehensive … Read more
Presumptive Taxation in India Presumptive taxation, as per the Income Tax Act, offers relief to taxpayers with turnovers below two crore rupees. Under this scheme, individuals can declare income at a fixed rate, eliminating the need for extensive bookkeeping and audits. This article provides an overview of presumptive taxation in India. Relief in Compliance … Read more
Tax Audit Meaning and Applicability Tax Audit – Meaning and Applicability: Tax Audit Meaning and Applicability A tax audit is an examination of financial records conducted to ensure compliance with the provisions of the Income Tax Act. For corporations, audits are already mandated by the Companies Act. Tax Audit Meaning and Applicability Therefore, tax … Read more
