Section 43B of Income Tax Act provides that deduction for certain sums specified in its clauses (a) to (g) is allowable only on actual payment. However, the Proviso to this section allows deduction on accrual basis if the specified sum is paid by due date of furnishing of the return of income.
Understand the taxability of various transactions under GST, including cheque dishonour charges, salary forfeiture, late payment fees, and cancellation charges.
Central Government has brought into effect the Notification of MSME Return to be filed as per Ministry of Corporate Affairs Notification dated 22nd January 2019 issued in exercise of powers of the Central Government under section 405 of the Companies Act, 2013 referred above requiring filing of Returns by ‘Specified Companies’. 1. If Micro and […]
Taking cognizance of hardship faced by taxpayers in view of the COVID-19 pandemic, Central Board of Direct Taxes (‘CBDT’) has provided certain relaxations to taxpayers by extending the following due-dates: ♦ Due-date for filing appeal before Commissioner (Appeals) [‘CIT(A)’] or objections before Dispute Resolution Panel (‘DRP’) in time-barring cases has been extended to 31 May […]
The Ministry of Corporate Affairs, Government of India, issued notification dated 24th March 2021, to amend Schedule III to the Companies act 2013 to enhance the disclosures required to be made by the Company in its Financial Statement. Purpose of amendment is to increasing stringency in compliances and adding numerous additional disclosures in Financial Statement. The main purpose […]
