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CBDT Extends PAN-Aadhaar Link Deadline to 31st May 2024
Circular No.6 /2024F. No. 275/412024-IT(B) is issued by the Government of India, through the Ministry of Finance and the Department of Revenue, to announce a partial modification to Circular No. 3 of 2023 dated 28.03.2023. Circular No. 3 of 2023 dated 28.03.2023 issued by the Board may be read as follows: “Consequent to the…
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Payments to SME for compliance u/s 43B(h) of Income Tax Act
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…
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GSTN introduces new feature to help businesses verify additional places of business
Goods and Services Tax Network (GSTN) has introduced a new feature in the “Search Taxpayer” option to provide users with access to a list of “Additional Places of Business” (APBs). The new APB list feature can be particularly beneficial for verifying whether the customer’s billing address and place of delivery are registered before initiating the…
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income Tax Dept launches ‘Know Your Refund Status’ on e-filing Portal
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…
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Section 43B: Certain deductions to be only on actual payment.
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…
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Expenditure for any purpose which is an offence or which is prohibited by law shall not be deductible -Section 37 of I.T Act
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…
ROC Returns & Important Forms under Companies Act, 2013
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