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Section-14A: Expenditure in relation to Exempt income not deductible under income tax

  While computing total income under the Act, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to exempt income (i.e. income which does not form part of the Total income). Calculation of expenditure to be disallowed    AO is empowered to determine the amount of expenditure incurred in … Read more

CBIC Reduces e-invoicing limit

CBIC has reduced the e-invoicing limit from 10 crore to 5 crore starting from 1st August 2023. Find below the true copy of Notification MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)NOTIFICATION New Delhi, the 10th May, 2023No. 10/2023 – Central Tax G.S.R. 355(E).—In exercise of the powers conferred by sub-rule (4) … Read more

Reverse Mortgage- a hope for incomeless “Senior Citizen”

Reverse Mortgage scheme allows homeowners, typically Senior Citizen, who owns a house property to mortgage their property to schedule bank or housing finance company in return for a lumpsum amount or regular monthly/quietly/yearly income. Senior citizen can continue to live in the house and receive regular income without the botheration of repaying the loan. Here … Read more

Disclosure of Directors’ interests:

Under the Companies Act 2013, directors of a company are required to disclose their interests in certain transactions or arrangements with the company. The purpose of this requirement is to ensure transparency and prevent conflicts of interest that could potentially harm the company’s interests. The provisions regarding the disclosure of directors’ interests are covered under … Read more