Key Highlights from the 54th GST Council Meeting
The 54th GST Council meeting, chaired by Union Finance Minister Smt. Nirmala Sitharaman, brought about several pivotal recommendations aimed at fine-tuning India’s GST regime. Attended by key officials and ministers from various states, the meeting resulted in decisions on tax rates, trade facilitation, and procedural improvements, benefiting both businesses and consumers. Here are some of …
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The Importance of Income Tax Return Filing in India
Income Tax Return Filing in India Filing income tax returns is a legal obligation for individuals and entities in India who meet certain income thresholds. It is a process of reporting your income and paying taxes to the government. The income tax return filing process in India is governed by the Income Tax Act, 1961, …
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Section 43B(h): Disallowance on non-payment/delay in payment to MSME Creditors
INTRODUCTION OF SECTION 43B Finance Act 2023, introduced a major amendment in Section 43B of the Income Tax Act, 1961 by adding sub-clause (H) to it. Section 43B deals with allowabilty of certain deductions on actual payment basis. As per Section 43B exepnses are allowed to deducted from Income from Business and Profession based on …
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Section 80G – Save Taxes with Donations
What is Section 80G? Section 80G of the Indian Income Tax Act gives tax deduction in respect of donation made to approved Charitable Instituitions and funds. Deduction available Under Section 80G is over and above deduction available U/s 80C. Deduction U/s 80G is available only under Old regime, if you are filing ITR under new …