Understanding Tax Audit Limits under Section 44AD Understanding Tax Audit Limits under Section 44AD and 44ADA of the Income Tax Act For small businesses and professionals in India, taxation can often feel like a maze of rules and regulations. Two important provisions under the Income Tax Act—Section 44AD and Section 44ADA—offer relief by simplifying tax … Read more
Everything about for TDS Return Everything about for TDS Return TDS, or Tax Deducted at Source, is indeed a component of income tax. It’s a requirement for certain payments made by individuals or entities. In this article, we’ll delve into the specifics of TDS provisions outlined in the Income Tax Act. What is TDS? – … Read more
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
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
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
