Explore Section 80U of the Income Tax Act for a comprehensive analysis of tax exemptions for individuals with disabilities. Understand the definition of disabilities certified by medical authorities, tax exemptions based on income and treatment expenses, exemption limits, and other benefits such as relief from tuition fees and allowances. Be aware of the time limit for filing tax returns under Section 80U and ensure compliance with the Income Tax Act. Empower individuals with disabilities to navigate tax benefits and enhance financial well-being.
Explore tax benefits under Section 35AC of the Income Tax Act 1961, encouraging eligible companies to contribute to public welfare projects. Enjoy deductions of 125% of the amount spent, capped at 10% of net profits, fostering social welfare and development. Ensure timely approval from the National Committee for Promotion of Social and Economic Welfare to avail deductions. Learn about the positive impact on education, health, environment, and more. Leverage Section 35AC for an easier and efficient means of contributing to the betterment of society.
Explore the responsibilities of auditors under the National Financial Reporting Authority (NFRA) in India. NFRA ensures fairness, transparency, and prevents corporate frauds by setting accounting and auditing standards. Auditors are expected to maintain independence, report irregularities, and comply with NFRA guidelines, contributing to a disciplined and transparent corporate sector. Stay informed about the key duties of auditors for investor protection.
Explore the key features of the Ministry of Corporate Affairs (MCA) 3.0 portal in India. With a new e-form system, e-payment, e-KYC, and e-Governance, MCA 3.0 aims to streamline company registration and compliance, making the process more efficient and convenient. Stay updated with the latest advancements in Indian business services.
Unlock the potential of Employee Stock Ownership Plans (ESOPs) in India by navigating compliance requirements. Explore the overview, compliance obligations, benefits, and tools to ensure seamless ESOP compliance. Empower your employees while safeguarding investor interests.
Bombay High Court held that proceedings that are not concluded within a reasonable period cannot be carried forwards after an inordinate delay.
CBDT notifies CBDT notifies California Public Employees Retirement System as pension fund under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of Income-tax Act, 1961 vide Notification No. 02/2023 – Income Tax Dated: 25th January, 2023. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification […]
ITAT Mumbai held that long term capital loss arising out of the sale of shares and units of mutual funds on which STT was paid and covered under section 10(38) could not be set off against long-term capital gain arising out of the sale of land as per section 70(3) of the Act.
ITAT Delhi held that as payment of rent and common area maintenance charges is made to distinct entities/ companies, TDS @10% u/s 194-I is deductible in case of payment of rent and TDS @2% u/s 194C is deductible in case of payment of Common Area Maintenance charges.
ITAT Mumbai held that addition u/s 68 for investment in joint venture unsustainable as assessee has duly discharged the onus and given all the necessary documents for the identity, genuineness and creditworthiness of the parties.
