Income Tax Laws

Payments to SME for compliance u/s 43B(h) of Income Tax Act Section 43B[(h): any sum payable by the assessee to a micro or small enterprise beyond the time-limit specified in section 15 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006.),] shall be allowed (irrespective of the previous year in which the liability to pay … Read more

Previously, taxpayers had to check their income tax refund status on the TIN-NSDL website. However, the Income Tax Department has now launched a new functionality called “Know Your Refund Status” on the e-filing portal that allows users to check their refund status directly from the portal itself. This functionality allows taxpayers to check the status of their … Read more

Notwithstanding anything contained in any other provision of this Act, a deduction otherwise allowable under this Act in respect of: (a) any sum payable by the assessee by way of tax, duty, cess or fee, by whatever name called, under any law for the time being in force, or (b) any sum payable by the … Read more

General Deduction : Section 37 of the Income tax act 1) Any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed … Read more

Whether the AO has power to make addition in income of the Respondent by best judgment method without understanding the business strategy of the Respondent?

Any person, whether or not he has furnished a return under section139(1) or 139(4) or 139 (5), for an assessment year , may furnish an updated return of his income or the income of any other person in respect of which he is assessable under this Act, for the previous year relevant to such assessment … Read more

Section Description Rate Period   On   234A Delay in furnishing return of income 1% pm or part of the month 1.     From the Due date of furnishing the return to Date of return furnished ( if not furnished then date of completion of assessment u/s 144 Amount of tax us 143(1) or on regular … Read more

Section 194 BA has been inserted by the Finance Act, 2023, w.e.f. 1-4-2023 which deals with the TDS on Winning from Online Games which may be read as follows: Any person responsible for paying to any person any income by way of winnings from any online game during the financial year shall deduct income-tax on the … Read more

Assessment of AOP/BOI 1.   As per section 40(ba), while computing the income of AOP/BOI under the PGBP, any interest, salary, bonus, commission or remuneration by whatever name called, paid by such Association or body to a member thereof, shall not be allowed as deduction. 2.   However, while disallowing such interest paid, if any interest is … Read more