Understand the types of financial frauds perpetrated by companies and how an auditor can help detect them. Learn more with this article from India
The Budget-2023 introduces 17 amendments to the GST. Learn what it means for Composition dealers, including opting to sale goods through E-Commerce operator intra-state. Budget –2023 Goods and Service Tax.
Discover how proposed Budget 2023 removes certain funds from section 80G of the Act. Check out this blog post for more info on the allowable deductions associated with said donations and the list of funds impacted
Discover when and how the Income Tax refunds in certain cases are set off and withheld with budget 2023. Set off and withholding of Income Tax refunds in certain cases according to section 241A and 245 of the Act. Read more to learn more about withholding of refund and set off of refunds.
The existing provisions of the section 88 of the Act relates to rebate on life insurance premia, contribution to provident fund, etc. 2. The said section has no relevance at present as it was sunset by the Finance Act, 2005 and section 80C was introduced for allowing deduction on various instruments listed therein.
Learn how the Extension of Income Tax exemption to Specified Undertaking of Unit Trust of India (SUUTI) impacts Budget 2023. Providing for alternative mechanism for vacation of office of the Administrator, as per the UTI Repeal Act, 2002.
Section 276A of the Act makes provision for prosecution with rigorous imprisonment up to two years in the case of a person, being a liquidator who fails to give notice in accordance with sub-section (1) of section 178, or fails to set aside the amount as required by subsection (3) of the said section or parts with any of the assets of the company or the properties in contravention of the provisions of the said section.
Accommodation shall be deemed to have been provided at a concessional rate if the value of the accommodation computed in the prescribed manner exceeds the rent recoverable from, or payable by, the assessee.
No section 10AA deduction to an assessee who does not furnish a return of income on or before the due date specified under section 139(1)
Section 43B of the Act provides, inter-alia, that any sum payable by the assessee as interest on any loan or borrowing from a Deposit taking Non-Banking Financial Company and Systemically Important Non-Deposit taking Non-Banking Financial Company shall be allowed as deduction on payment basis.
