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Section 87A rebate increased from the current Rs. 5 Lakhs to Rs. 7 Lakhs in the New tax regime. Currently, those with income up to 5 lakhs do not pay any income tax in both old and new tax regimes. The budget proposes to increase the rebate limit to 7 lakhs in the new tax regime. Thus, persons in the new tax regime, with income up to 7 la...
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BUdget 2023: Article explains consequences & implications of New Income Tax slabs and what are its direct effect on a common man....
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In today’s fast-paced and complex world, it is increasingly important for individuals and businesses to have a solid understanding of tax laws and regulations. Tax laws and regulations have a significant impact on our daily lives and financial well-being, and it is essential to have a good grasp of these laws to make informed decisi...
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Finance Minister Nirmala Sitharaman presented the first Union Budget in Amrit Kaal on Wednesday, 1st February, 2023 under the shadows of the World Economic slowdown & Global Recession scenario. Certain direct tax & indirect tax proposals were introduced by the FM. Some of the key highlights of the Budget are as follows: Direct Tax...
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Hello readers, Today I will discuss two Important Amendments made in the Union Budget out of 122 amendments as all amendments in one article not easy to digest Article explains Rationalisation of exempt Income under life insurance policies and payments to Micro and Small Enterprises (MSEs) under section 43B of Income Tax Act, 1961 1. [&...
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Budget 2023 introduces Concept of inventory valuations by Cost Accountants in specific cases, as granted by Section 142(2A) of income Tax Act....
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The current budget 2023 has a great push towards New Tax Regime which has been made a default scheme of taxation. The scheme is flaunted in the interest of taxpayers on two aspects- reduced tax rates and simplicity as cited by honorable Finance Minister Nirmala Sitharaman. The scheme is further being revised this year to […]...
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Introduction: Income taxes are a significant cost for successful firms, frequently accounting for 25% or more of pretax income. In order to examine rival agency-based and risk-based explanations of corporate tax planning, this study takes advantage of a setting—the market for corporate control. We find a considerable decrease in tax eva...
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Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceeds one crore rupees in any previous year. The limit is raised to ten crore rupees where at least 95% of receipts/payments are in non-cash mode....
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Income Tax Section 35D amended to remove condition of activity in connection with preliminary expenses of a concern approved by CBDT...
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