Delve into the intricacies of Section 43B of the Income Tax Act, a crucial provision impacting deductions in MSME payments. Explore the proposed amendment in the Union Budget 2023 and its implications. Understand the critical points, definitions, and payment timelines outlined in the MSMED Act, 2006. Stay informed to optimize deductions, ensure compliance, and navigate the evolving landscape of income tax calculations. Learn how businesses can align financial planning and tax strategies with the latest legislative changes for maximum benefit.
Under various provisions of Income Tax act, Income tax departments calls for the financial information from various sources/reporting entity such as Banks, Registrar appointed under Registration act, 1908, Stock Exchanges, etc. AIS is the collection of information pertaining to taxpayer acquired by the department.
Any Profit or gain arising from the transfer of Capital asset is taxable as a Capital Gain u/s 45 of the Income Tax act, 1961. It is relevant to determine whether Capital Gain is short term capital gain or long term capital gain as it affects the rate of Income Tax.
