CA Ajay Taneja A.Taneja n Associates, Chartered Accountants’ Post

Disallowance of interest paid to micro or small enterprise The disallowance of interest paid on late payment to micro or small enterpise is applicable only when the assessee comes in the ambit of is Tax Audit. If the assessee is filling his/her income tax return under section 44AD of Income Tax Act, then no need to disallow the interest payment. #incometaxindia #taxmatters #taxconsultant #internalaudit #internalcontrols #taxconsulting #taxaudit #financeprofessionals #financeandaccounting #kpmg #kpmgtax #kpmglaw #icai #cma #charteredaccountants #charteredaccountant #finance #companysecretary #audit #auditors #statutoryaudit #incometax #financialadvice #analytics #riskmanagement #ca #microfinance #law

Income Tax India has notified changes in Form 3CD, 3CEB and Form 65. #incometaxindia #taxmatters #taxconsultant #internalaudit #internalcontrols #taxconsulting #taxaudit #financeprofessionals #financeandaccounting #kpmg #kpmgtax #kpmglaw #icai #cma #charteredaccountants #charteredaccountant #finance #companysecretary #audit #auditors #statutoryaudit #incometax #financialadvice #analytics #riskmanagement #ca #microfinance #law

Calculaton of Advance Income Tax for the Assessment Year 2024-2025 (Financial Year 2023-2024) At the time of calculation and deposit of 4th Installment of Advance Income Tax upto 31st March 2024, you have to consider the outstanding sundry creditors (which are due to micro or small enterprise, because they are covered under section 43b(h)) into your income calculation. #incometaxindia #taxmatters #taxconsultant #internalaudit #internalcontrols #taxconsulting #taxaudit #financeprofessionals #financeandaccounting #kpmg #kpmgtax #kpmglaw #icai #cma #charteredaccountants #charteredaccountant #finance #companysecretary #audit #auditors #statutoryaudit #incometax #financialadvice #analytics #riskmanagement #ca #microfinance #law

Section 43b(h) BUYER WILL BE TREATED AS ASSESSEE-IN-DEFAULT If the buyer neither pays for the outstanding balance to supplier nor deduct the TDS, buyer will be treated as assessee-in-default. Section 201 of the Income Tax Act deals with the consequences of failure to deduct or pay TDS. According to this provision, if a person who is required to deduct TDS fails to do so, or after deducting TDS fails to deposit the same with the government, he shall be deemed to be an assessee-in-default. #incometaxindia #taxmatters #taxconsultant #internalaudit #internalcontrols #taxconsulting #taxaudit #financeprofessionals #financeandaccounting #kpmg #kpmgtax #kpmglaw #icai #cma #charteredaccountants #charteredaccountant #finance #companysecretary #audit #auditors #statutoryaudit #incometax #financialadvice #analytics #riskmanagement #ca #microfinance #law

The Income Tax Department today announced that it will send communication to relevant taxpayers for mismatches in their Income Tax Return (ITR) during the Assessment Year 2021-22. IT Department informed that in some cases a mismatch has been identified between the information filed in the ITR in regards to the information of specified financial transactions during this period. It added that in some cases ITRs have not been filed. #incometaxindia #taxmatters #taxconsultant #internalaudit #internalcontrols #taxconsulting #taxaudit #financeprofessionals #financeandaccounting #kpmg #kpmgtax #kpmglaw #icai #cma #charteredaccountants #charteredaccountant #finance #companysecretary #audit #auditors #statutoryaudit #incometax #financialadvice #analytics #riskmanagement #ca #microfinance #law

Due Dates for filling ITR (For Non Audit Assessee) Visit www.pabbathiassociates.com for finance, audit and tax updates #taxation #tax #taxes #accounting #accountant #taxseason #incometax #business #finance #taxplanning #gst #taxreturn #taxprofessional #taxpreparer #taxtips #taxconsultant #taxpreparation #charteredaccountant #audit #taxtime #taxhelp #incometaxreturn #india #money

Due Dates for filling ITR (For Non Audit Assessee) Visit www.pabbathiassociates.com for finance, audit and tax updates #taxation #tax #taxes #accounting #accountant #taxseason #incometax #business #finance #taxplanning #gst #taxreturn #taxprofessional #taxpreparer #taxtips #taxconsultant #taxpreparation #charteredaccountant #audit #taxtime #taxhelp #incometaxreturn #india #money

for the purpose of section 43b(h) of income tax, verification of MSME registration number along with category (micro, small and medium) should be through PAN (Permanent Account Number) on MSME Portal. #incometaxindia #taxmatters #taxconsultant #internalaudit #internalcontrols #taxconsulting #taxaudit #financeprofessionals #financeandaccounting #kpmg #kpmgtax #kpmglaw #icai #cma #charteredaccountants #charteredaccountant #finance #companysecretary #auditors #audit #statutoryaudit #incometax #financialadvice #microfinance #law

Streamlined DGGI Investigation Guidelines Visit www.pabbathiassociates.com for finance, audit and tax updates #taxation #tax #taxes #accounting #accountant #taxseason #incometax #business #finance #taxplanning #gst #taxreturn #taxprofessional #taxpreparer #taxtips #taxconsultant #taxpreparation #charteredaccountant #audit #taxtime #taxhelp #incometaxreturn #india #money

Streamlined DGGI Investigation Guidelines Visit www.pabbathiassociates.com for finance, audit and tax updates #taxation #tax #taxes #accounting #accountant #taxseason #incometax #business #finance #taxplanning #gst #taxreturn #taxprofessional #taxpreparer #taxtips #taxconsultant #taxpreparation #charteredaccountant #audit #taxtime #taxhelp #incometaxreturn #india #money