New Benefits for Composition levy operators. Amendment of section 10. (CGST ACT) In the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the Central Goods and Services Tax Act), in section 10,–– 12 of 2017. (a) in sub-section (2), in clause (d), the words “goods or” shall be omitted; (b) in sub-section … Read more
Amendment of section 35D. In section 35D of the Income-tax Act, in sub-section (2), in clause (a), for the proviso, the following proviso shall be substituted with effect from the 1st day of April, 2024, namely:– “Provided that the assessee shall furnish a statement containing the particulars of expenditure specified in this clause within such … Read more
Debentures Capital Gains Tax After section 50A the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2024, namely:–– Special provision for computation of capital gains in case of Market Linked Debenture(MLDs). Sec.50AA. Notwithstanding anything contained in clause (42A) of section 2 or section 48, where … Read more
Presumptive Taxation :Terms and applicability of Sec: 44AD – 44ADA. for Business and Professionals Amendment of section 44AB. In section 44AB of the Income-tax Act, for the first proviso, the following proviso shall be substituted with effect from the 1st day of April, 2024, namely:–– “Provided that this section shall not apply to a person, … Read more
Taxation on Electronic Gold Receipt… Amendment in Section 2 for FY 2023 24. (hi) in the case of a capital asset, being–– (a) Electronic Gold Receipt issued in respect of gold deposited as referred to in clause (viid) of section 47, there shall be included the period for which such gold was held … Read more
How compute tax when your total income contains agriculture income ?? Insight of Agriculture Income Tax It is well establish fact that government announce many key productive benefits to farmers as part of green revolution aim. Even in latest budget for FY 2023 24 major focus is on sustainable growth of rural India by passing … Read more
Benefits for opting new personal tax regime (Section 115BAC) Welcome Patrons!!! Get your self ready for upcoming FY 2023-24. Understand the tax slabs and Plan your finance and save money wisely. Key Benefits to opt in new regime from 01.04.2023 Slab wise tax saving Comparison:- Income (Rs) FY 2022-23(Rs) FY 2023-24(Rs) … Read more