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Income-tax Act, 1961. 925 Record (s) | Page [1 of 93] Compare Act/ SectionNEW. Choose Acts: as amended by Finance Act.
1 ημέρα πριν · The RoI was processed by the Assessing Officer and an intimation u/s 143(1) of the Act was issued considering an amount of Rs. 23,29,62,417 as the income chargeable to tax under Section 115BB of the IT Act. The assessee filed a rectification application against the said intimation under Section 154 of the IT Act.
5 ημέρες πριν · The Finance Act 2023 inserted Section 43B (h), which stipulates that any sum owed to Micro and Small enterprises for goods supplied or services given may be deducted in the same year if it is paid within the deadline stipulated by the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006.
The Section 194J (i.e. Fees for Professional or Technical Services) is divided into two sub-sections, 194J (a) and 194J (b), effective from August 7 2020. Section 194JB of Income Tax Act made provisions for Tax Deducted at Source (TDS) on payments made to professional services. The payer deducts the TDS amount at the time of credit to the payee.
6 ημέρες πριν · Finance Act 2021: With effect from 1st April 2021, in case of a business, the threshold limit for applicability of tax audit is increased to Rs 10 crore in case cash transactions do not exceed 5% of the total transactions. (i.e., Cash receipts/payments does not exceed 5% of the total receipts/total payments)
Question 1: From which Assessment Year re-notified Form 10BB is applicable? Resolution: Form 10BB notified vide Notification No. 7/2023 dated 21st February 2023 is applicable from Assessment Year 2023-24 onwards. Question 2: Is Form 10BB which was being filed prior to issuance of Notification No. 7/2023, still available on e-Filing portal?
4 Ιουλ 2024 · Section 43B of the Income Tax Act provides a list of expenses allowed as deductions under the heading ‘Income from business and profession’. It states that some expenses can be claimed as deductions from business income only in the year of actual payment and not in the year when the liability to pay such expenses is incurred.
