Analysis of New Clause (H) of Section 43B The Finance bill 2023 would include a new insertion of clause (h) to section 43B of the income tax act 1961. To assure on-time payments, the stated clause would have been inserted as a Socio-Economic Welfare Measure and has been realized through the Micro an...
Many employers have asked their employees to submit proof of the investments made during the year, to avoid higher tax deduction from salary income. Unlike in the previous years, the income tax laws have a lot of changes now and some of them came into effect from April 1, 2023, for FY 2023-24. So sa...
In the dynamic landscape of India’s start-up ecosystem, the Government’s initiatives often serve as catalysts for growth and innovation. Section 80-IAC of the Income Tax Act, 1961, among these provisions, emerges as a pivotal mechanism enabling recognized start-ups to claim substantial t...
Welcome to the Regulatory Compliance Update for January 2024. This update serves as a comprehensive guide to the compliance obligations outlined under the Income Tax Act, 1961, and the Goods and Services Tax (GST) Act, 2017 for the month of January 2024. Detailed within are critical deadlines for di...
Education is a fundamental pillar of any society’s progress, and in India, the government recognizes the importance of promoting educational opportunities for its citizens. In line with this objective, the Indian tax system provides several tax benefits for education that can help individuals ...
As the year draws to a close, businesses and individuals alike prepare for the looming deadlines in tax compliance. December 2023 presents a crucial period for tax-related responsibilities, particularly concerning Income Tax and Goods and Services Tax (GST). Staying informed and organized is key to ...
The court stated that retirement, whether voluntary or through superannuation, is a requirement for receiving the benefit of earned leave under existing norms and laws...