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Ca Ruchi Patel

Latest Posts by Ca Ruchi Patel

Understanding Section 43B: MSME Payment Deductions

September 18, 2023 34599 Views 2 comments Print

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.

Importance of AIS Information to avoid E-verification Proceedings

March 21, 2023 2595 Views 1 comment Print

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.

Exemptions from Capital Gain under Income Tax act, 1961

March 13, 2023 4080 Views 0 comment Print

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.

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May 2024