To assure on-time payments, the stated clause would have been inserted as a Socio-Economic Welfare Measure and has been realized through the Micro and small companies. Section 43B of the Act furnishes for specific deductions to be permitted on real payments only rather than on an accrual basis....

Budget 2023 has made the new regime as default regime from FY 2023-24. However, old regime is still effective. Taxpayer still has the option to choose between old regime & new regime. With the introduction of reduced tax rates & increased rebates, new regime has become more beneficial to the assesses. New taxes defined under [&hel...

Certain harsh proposals of Finance Bill-2023 Pertaining to Charitable & Religious Institutions & Trusts Since the Budget 2023 proposed in Parliament, everybody are of the view that day by day Government is providing harsh and tough provisions for the Charitable and Religious Institutions and trusts. We look back, since last five y...

Income Tax Calculator For A.Y. 2024-25 With Income Tax Ready Reckoner For F.Y. 2023-24 (A.Y. 2024-2025) A quick review (Limited Information) of the applicable provisions under the Income Tax Act, 1961 for the F. Y. 2023-24 (A. Y. 2024-25), after incorporating amendments (only key and selective amendments) proposed by the Union Budget of 2...

Section 43B of Income Tax Act, 2013 is amended with a new clause (h) in order to provide reliefs made to MSMEs. Section 43B of the Income Tax Act, 2013 provide for any sum paid by the Assessee or Buyer to MSMEs beyond the 45-day time limit which is specified in section 15 of the MSME Development Act. Deduction under section 43B will be al...

Income under the head capital gains is chargeable if there is a transfer of a capital asset during the previous year. If the capital gains are invested under the specified modes as per the relevant provisions of the act, the amount of gains is exempted. Section under 54 series talk about the exemption under the […]...

MSME means Micro, Small and Medium Enterprises. It has been governed by MSMED Act, 2006. Based on the Investment made by the enterprise in the P&M / Equipment and their turnover they have been classified into Micro, Small and Medium Enterprises. Below is the Revised MSME Classification....

As we are aware that many major changes have been done in relation to Charitable or Religious Trust (CRT) vide Finance Act 2023 (FA 23). This article attempts to sum up all the changes and simplify them for the readers. These changes will be applicable from 1st of April 2023, unless some other date is […]...

The Micro, Small and Medium Enterprises (MSMEs) sector contributes significantly to the Indian Economy in terms of Gross Domestic Product (GDP), Exports and Employment generation. Share of MSME related product in total Exports from India is around 45%. To protect the rights of the MSME sector Micro Small and Medium Enterprise Act, 2006 wa...

SUB-GRANTING UNDER INCOME TAX ACT Major changes have been brought in under the Finance Budget 2023 through insertion of clause (iii) in Explanation 4 to sub-section (1) of section 11 AND clause (iii) in Explanation 2 to the third proviso of clause (23C) of section 10 of the Income Tax Act. PRESENT SCENARIO At present, […]...