Form 10-IEA is required to fill by individuals or HUFs those want to continue with the old tax regime in the present financial year ie FY 2023-24. The Budget 2023 proposes that from FY 2023-24, the new tax regime will be considered the default tax regime. By filling Form 10-IEA, taxpayers can choose the old tax regime. They must […]
Introduction: The new section 43B(h) will be applicable from April 1, 2024 (AY 2024-25), Section 43B(h) of the Income Tax Act introduces significant changes concerning expenses related to purchases or services from Micro and Small Enterprises. Please note this section is not applicable on Medium Enterprises. 43B(h) has been inserted as a Socio-Economic Welfare Measure […]
Overview: Section 92 of the Income Tax Act, 1961, deals with regulations of transfer pricing in India. It is a practice of determining the price of the transactions between associate enterprises and computation of Income from International transaction at Arm’s Length Price. This section has significant implications for Multi National Enterprises (MNE) operating in India […]
Clause 44 It was added w.e.f 20th August 2018 but Reporting under this clause was deferred till 31st March 2019 vide Circular No. 6/2018 dated 17th August 2018, So reporting in clause 44 is started from AY 2019-20. The Objective for insertion of this Clause 44: The main objective is to co-relate GST Data with […]
Foreign Currency Exposure: The Foreign Currency Exposure is a risk associated with the businesses and investors engaged in the activities (trade and investments) of dealing in foreign currency transactions. The entities involved in the activities of transactions in different foreign currency denominations and does not take steps to protect themselves from currency fluctuations. This exposure […]
Nostro and Vostro accounts are two types of bank accounts used in international banking transactions. These terms originate from Latin, with Nostro meaning “our” and Vostro meaning “your”. In this article, we will discuss the meaning and differences between these two types of bank accounts. What is a Nostro account? A Nostro account is a […]
PROCESS FOR APPLYING IN AN IPO THROUGH ICICI BANK Step 1: Login to your Net Banking Account. Step 2: Click on ‘Invest Online’ under the Investments & Insurance tab. Step 3: Click on ‘Invest Now’ in the Online IPO, Right Issues & Call Money column. Step 4: You would get all the open IPOs for […]
Form 61A is a record of the statement of Specified Financial Transactions which must be furnished under the Income Tax Act, 1961 by certain institutions. Statement of Specified Financial Translations or SFT refers to information related to certain high-value transactions which specified persons are required to report to the income tax department. The SFT was […]
WHAT IS ANGEL TAX? Angel tax essentially derives its genesis from section 56(2) (vii) (b) of the Income Tax Act, 1961. Angel Tax is the tax levied by the government on the start-ups who receive funding from Angel Investors. Angel investors get benefits in the form of taxation as the entire investment made by investors […]
Some notifications issued by the Department to providing relief in current Pandemic Situation (Covid-19) in the country to the taxpayers on 1st May, 2021 Notification No. 08/2021- Central Tax- Relaxation in Interest for the month of March -2021 & April -2021: Notification No. 09/2021- Central Tax-Waiver of Late Fees for specified taxpayers and specified tax […]