Tax Connect
madhuvridhi
Tag: income tax
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Section 115BAB – New manufacturing companies Tax Benefit
New manufacturing companies Tax Benefit
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Increase in Tax Audit Limit Budget 2021
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 exceed or exceeds one crore rupees in any previous year. In case of a person carrying on profession he is required to get his accounts audited, if his gross…
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Highlights for the Union Budget ( 2023-24 )
Union Budget 2023 for common man
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Draft tax form for firms to report inventory valuation out
The Central Board of Direct Taxes on Wednesday released the 13 page draft form 6C, which will be used to report the inventory valuation in case of special audit of accounts directed by assessing officer. The businesses will also have to provide valuation of raw material, date of purchase, use of the inventory, valuation of…
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Income Tax Return- File ITR on Time to avoid Late Fee, Interest
Income Tax Return- File ITR on Time to avoid Late Fee, Interest
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All about Updated Income Tax Return – ITR-U
Have you ever forgotten to report an income or made a mistake in your ITR? Section 139(8A) under the Income Tax Act allows you a chance to update your ITR within two years. Two years will be calculated from the end of the year in which the original return was filed. ITR-U was introduced to…
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Tax implications of profits in stock trading and future and options
If you are an intraday trader and have made significant profits in a financial year apart from your salary, then you will have to pay taxes. The profits from F&O trading are treated as business income (non-speculative) and taxed per your tax slab. If you buy a share today and sell it within one year,…
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Consequences of not Linking PAN and Aadhar by 31st March
Link your PAN and aadhar by 31-03-2023 to ensure the PAN doesnot become in-operative
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Proposed Amendment in section 43B of Income Tax Act to solve MSMEs delayed payment crisis
05 FEB 2023 Credit and finance for MSMEs: Addressing the delayed payment crisis faced by micro and small enterprises — among the biggest challenges to their growth — the budget 2023-24 proposed to amend section 43B of the Income Tax act with a new clause (h) in order to include payments made to such enterprises.…