What is an Income Tax Audit? Tax Audit Limit for AY 2024-25 Tax Audit Limit for AY 2024-25 Under Section 44AB of the Income Tax Act, individuals engaged in specific professions or exceeding a certain threshold in business are required to undergo an audit of their account books conducted by a chartered accountant. This process … Read more
Union Budget 2023-24 Union Budget 2023-24 The central government’s spending is outlined and approved by Parliament annually through the Union Budget. According to Article 113 of the Constitution, all expenditures, except for those already earmarked, must be presented as Demands for Grants, organised by the ministry, to the Lok Sabha. These demands are then … Read more
Union Budget 2023-24 Analysis Budget Highlights : Union Budget 2023-24 Analysis Expenditure: Union Budget 2023-24 Analysis The government plans to spend Rs 45,03,097 crore in the fiscal year 2023-24, representing a 7.5% increase over the revised estimate of 2022-23. Additionally, in 2022-23, total expenditure is estimated to be 6.1% higher than the budget … Read more
High Value Transactions And Income Tax High Value Transactions And Income Tax The income tax department imposes strict rules and guidelines on taxpayers. It’s crucial for taxpayers to ensure the accuracy of their returns, meet filing deadlines, and make timely tax payments. High Value Transactions And Income Tax Failure to comply, whether due to unintentional … Read more
Income tax deductions in new tax regime Income tax deductions in new tax regime In the Union Budget of 2024, the features of the newly introduced tax regime under Section 115 BAC, with concessional tax slab rates, are retained for the Financial Year (FY) 2023-24. Additionally, the government has introduced several key changes for … Read more
