The Union Budget 2021 has come up with important amendments with regard to the filing of annual return and reconciliation statement under Goods and Services Tax (i.e., GST). As per the amendment, GST annual return and reconciliation statement can be submitted on a self-certification basis. Accordingly, post Budget approval, certification of chartered accountant/ cost accountant […]
Before diving into whether you need your books to be audited under Section 44AB, let’s understand the meaning of Tax Audit. Tax audit refers to the examination of a taxpayer’s accounts. This examination of books of accounts is conducted for ensuring that such taxpayer has maintained his books of accounts as well as other records […]
Recently, the Union Budget 2021, presented on 1st February 2021, has come up with the proposal of satisfaction of one more additional condition for availing Input Tax Credit under Goods and Services Tax (i.e., GST). Accordingly, the provisions of section 16 of the Central Goods and Services Tax Act, 2017 covering eligibility and conditions for […]
The first ever digital budget was presented on 1st February 2021 by the Finance Minister of India, Smt. Nirmala Sitharaman. The budget 2021 came up with the expansion of the scope of supply covered under section 7 of the Central Goods and Services Tax Act, 2017. The present article briefly explains the same. Basics of […]
As a taxpayer, you might be claiming various expenses and exemptions to lower your income tax liability, but do you know that there are certain deductions that you can’t claim unless you have actually paid for them. In this article will understand those deductions and discuss the income tax provisions laid out under Section 43B […]
Understand the deduction provisions of Section 35E of the Income Tax Act for expenditure on prospecting or extraction/production of certain minerals.
Discover how section 35DDA of the Income Tax Act allows for deduction of expenditure under voluntary retirement schemes. Learn about the conditions and amount available for deduction.
Section 35DD Deduction towards expenditure incurred during amalgamation or demerger Much amount of expenditure is incurred during amalgamation or demerger of any undertaking. In order to facilitate the company to claim the same, deduction towards such expenditure is allowed under section 35DD of the Income Tax Act. The provisions of section 35DD are briefly taken […]
Section 44AA of the Income Tax Act specifies the books of accounts that an assessee is required to maintain for Income Tax. Section 44AA together with Rule 6F lays down the provisions concerning maintaining these books of accounts. As per this section, every person carrying on Legal, Medical, Engineering, Architectural, Accountancy, Technical consultancy, Interior decoration, […]
Article explains Category of the person eligible for claiming deduction under section 35D, The extent of deduction allowable under section 35D, List of preliminary expenditure allowable as a deduction under section 35D and Some noteworthy points related to deduction under section 35D. Amortization of preliminary expenditure is allowed as deduction under section 35D of the […]
