Chartered Accountant
Chartered Accountant
The Finance Act, 2024 has introduced notable changes to the valuation requirements for private limited companies, by proposing removal of Section 56(2)(viib) of the Income Tax Act with effect from 1st April, 2025. This section imposes tax on shares issued by private limited companies at a price exceeding the Fair Market Value (FMV). This taxation …
Budget 2023 has introduced Section 43B(h) in the Income Tax Act to disallow payments to certain MSME suppliers if payment is not made within the due date. This provision carries significant implications for businesses, requiring careful attention to avoid adverse consequences. Here is some quick guide to help businesses to comply with this provisions; Who …
In October 2021, the Reserve Bank of India (RBI) introduced a revised regulatory framework for Non-Banking Financial Companies (NBFCs), referred to as ‘scale-based regulations.’ These regulations categorize NBFCs differently and specify the extent of regulatory requirements applicable to each category. To enhance compliance and simplify regulatory complexities, the RBI has introduced a comprehensive set of …
NBFC Scale based regulations – RBI Master direction Read More »
The Central Board of Direct Taxes (CBDT) has introduced a significant revision to Rule 11UA of the Income Tax Rules, 1962 pertaining to the valuation of shares during issuance with effect from 25th September, 2023. In this communication, we present an overview of the updated valuation methodology, which is of particular relevance to Chartered Accountants …
Introduction:Vide Finance Act, 2023, the Indian Government has expanded the scope of section 56(2)(viib) of the Income-tax Act, 1961 to include non-resident investors (commonly referred to as Angel tax). This amendment will take effect from April 1, 2024. According to this provision, if a company receives an amount for share issuance that exceeds the Fair …
Honorable Finance Minister Ms. Nirmala Sitharaman has presented union budget on 2nd Feb, 2023. Brief highlights proposal made in union budget 2023 is as under; TAX PROPOSALS TAX PROPOSALS – PERSONAL TAXES TAX PROPOSALS – CORPORATE DIRECT TAXS TAX PROPOSALS – INDIRECT TAXS FISCAL TARGETS NON-TAX PROPOSALS INCLUSIVE DEVELOPMENT REACHING LAST MILE INFRASTRUCTURE UNLEASHING POTENTIAL …
Gujarat government had launch IT/ITeS policy (2022-27) before few months giving series of incentives to companies in IT and technology sector. Portal to apply for the incentive scheme is launched today at Digital India Week summit held at Gandhinagar. URL for the new portal is https://dstpolicy.gujarat.gov.in/. Major Incentive includes; (i) Incentive at the rate of …
Launch of portal for IT/ITeS Policy Incentive application Read More »
Section 139 of Income Tax Act, 1961 deals with filing of income tax return. As per current prevailing rule, following person is required to file the Income Tax Return; INDIVIDUAL AND HUF> Your Gross Income is in excess of basic exemption limit i.e. more than Rs. 2,50,000/- for person other than senior, more than Rs. …
Income Tax Return – Who should file and time limit to file Read More »
Reserve Bank of India’s Monetary Policy Committee (MPC) in their meeting on Wednesday, 08th June, 2022 decided to hike key rate in order to curb ongoing high inflation situation. Repo rate is raised by 50 basis points (bps) from 4.40% to 4.90%. Consequently, the standing deposit facility (SDF) rate stands adjusted to 4.65 per cent …
Income Tax department has mandated linking of pan with Aadhar by 31.03.2022 (Without payment of any late fees). PAN-Aadhar link was discontinue since 01.04.2022 and now income tax department has started PAN-Aadhar link with payment of fees. If PAN is linked before 30.06.2022, then fees of Rs. 500/- is payable. If PAN is linked after …