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
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
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
