Section 43Bh of Income Tax Act Section 43Bh of Income Tax Act The Finance Act of 2023 introduced Section 43B(h), which specifies that any amount owed to Micro and Small enterprises for goods supplied or services rendered can be deducted within the same fiscal year if it is settled within the deadline set by the … Read more
Cost Inflation Index For FY 2023-24 Over time, the prices of goods tend to rise, leading to a decrease in the purchasing power of money. For instance, if today you can buy two units of goods for Rs 100, tomorrow you might only be able to purchase one unit for the same amount due to … Read more
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
