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
Cash Transactions in Audit Cases Introduction: Cash Transactions in Audit Cases In the realm of tax audits, cash transactions play a pivotal role. Understanding their importance is crucial for businesses to comply with tax regulations and ensure accurate financial reporting. This article delves into the intricate details of cash transactions within audit cases, shedding light … 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
