The issue was prolonged misuse of correction statements due to no statutory deadline. The law now enforces strict timelines, making accurate original filing mandatory.
At present, India’s income tax system is entirely based on individual taxation, wherein each taxpayer is entitled to a separate basic exemption limit and individual deductions. Even after marriage, there is no fundamental change in this structure. Husband and wife are treated as separate taxpayers, required to file their income tax returns independently and pay […]
Exemption from Audit for Companies with Turnover up to ₹1 Crore: Benefits May Exist, but the Risks Are Far Greater It has been reported that the Ministry of Corporate Affairs is considering a proposal to amend Section 139 of the Companies Act, 2013, to exempt companies with an annual turnover of up to ₹1 crore from […]
Parliament abolished compulsory probate to eliminate delays and costs, allowing heirs to enforce wills without mandatory court proceedings.
Discover the pros and cons of the Unified Pension Scheme (UPS) vs. the old and new pension schemes. Understand its benefits, limitations, and impact on government employees.
Get insights into the new Tax Collection at Source (TCS) rules effective from October 1, 2023, impacting foreign trips. Discover tips to reduce TCS on global journeys, understand the Liberalised Remittance Scheme (LRS) changes, and unlock the complexities for international travelers. Learn how TCS applies to various expenses, including education, medical purposes, and overseas tour packages. Gain a comprehensive understanding of the TCS rates, thresholds, and practical tips for minimizing TCS liabilities during foreign travels. Stay informed to navigate the financial landscape of international trips seamlessly.
Learn how the new Income Tax Rule 134 and Form 71 offer relief for taxpayers facing TDS credit mismatch. Discover the procedure, benefits, and limitations of Form 71, allowing you to claim TDS credit for income declared in previous assessment years, even if the TDS was deducted in subsequent financial years. Stay informed to avoid missing the window for claiming TDS credits.
Withdrawal of tax exemption for interest accrued on Employees Provident Fund (EPF) in specified cases Finance minister Nirmala Sitharaman in her budget speech had proposed to cap the tax exemption for interest accrued on Employees Provident Fund (EPF) and Voluntary Provident Fund (VPF) in the third Union Budget she presented. The Income Tax Act, 1961, presently provides […]
FM increased the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax-exempt, if there is no employer contribution. It was made clear that the threshold limit will not be enhanced in the cases where employer is contributing towards EPF.
Whether, for section Section 40(a)(ii), word ‘cess’ would be labeled as a ‘tax’ and hence accordingly, will not be allowed business expenditure.
