Tax Audit Due Date Extended to 7th October 2024 Tax Audit Due Date Extended to 7th October 2024 In a significant move, the Central Board of Direct Taxes (CBDT) has extended the due date for filing the Tax Audit Report for the Assessment Year (AY) 2023-24 to 7th October 2024. This extension brings relief to … Read more
ITR Filing 2023 24 10 Common Mistakes You Must Avoid ITR Filing 2023 24 10 Common Mistakes You Must Avoid As the Income Tax Return (ITR) filing deadline for 2023-24 approaches, many taxpayers find themselves rushing to meet the deadline. This last-minute rush can lead to unintentional errors that may result in hefty fines, rejection … Read more
Overview of the Direct Tax Vivad Se Vishwas Overview of the Direct Tax Vivad Se Vishwas The Indian government continues to make strides in simplifying tax administration and resolving long-standing disputes between taxpayers and the authorities. In line with this objective, the Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, announced in the Union Budget … Read more
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
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
