Got a mountain of unpaid bills from your smaller suppliers? Section 43B(h) of the Income Tax Act is shaking things up, meaning delays in settling those MSME bills can now hurt your own business. This blog dives into the explanation regarding Section 43B(h) applicability and why paying your MSME suppliers promptly is no longer just…
Interest on recognized provident funds plays a crucial role in the financial landscape, offering individuals a means to accrue additional income on their savings. Ever wondered if the sweet interest your Provident Fund (PF) earns gets the government attention? This blog cracks the code on recognized provident fund taxability, PF interest and taxes, explaining it…
In the realm of corporate taxation in India, deemed dividend has emerged as significant and complex aspect. Deemed dividend refers to such transactions or situations where a company’s payment or distribution is treated as dividend, even if they are not explicitly declared as such. The concept aims to control tax evasion and ensure that shareholders…
Navigating the income tax filings is generally a difficult task, mainly when we need to follow several forms and processes. In case, you are wondering to know about the process of filing Form ITR 5, then you are at the right place. The comprehensive guide will break down the essentials, giving you a straightforward instruction…
In the world of finance, changes happen—sometimes in IAS accounting policies, estimates, or even errors. It’s like adjusting the recipe for financial reporting to make it more accurate. In this blog, we’ll unravel the simplicity behind accounting policy changes, adjustments in estimates, and the unexpected errors that can pop up in the world of numbers….
In Intellectual property rights (IPR), the traditional system of registration has faced several issues from inefficiency to susceptibility to fraud. Entering blockchain technology is a groundbreaking innovation, which transforms the manner we secure and manage IP rights. Blockchain is the temper and decentralized ledger underlying cryptocurrencies like Bitcoin and is now stepping towards the intellectual…
The recent judgment by the Gujarat High Court 2023 Judgement relating to delayed tax refunds has generated substantial interest and discussions as it delves into the complexities of taxes. This ground-breaking ruling not only provides insight into the rights of individuals who pay taxes, but also establishes a model for handling delays in the distribution…
ITR-U means updated Incomе Tax Rеturn. This is introducеd in India’s Union Budgеt 2022 to allow the taxpayеrs to rеctify еrrors or omissions in their previous filеd incomе tax rеturns. It offеrs a chancе to voluntarily disclosе any additional incomе that might have been missеd іn thе original rеturn. Income tax department under section 139(8A)…
Do you have a pile of invoices from your smaller vendors? Beware, my friend, because a recent tax regulation has made delays in payments even more costly. Delays in settling bills for MSMEs can now have a detrimental impact on your profits due to the recent changes in Section 43B(h) of the Income Tax Act,…
When a business depends on shipment on time and budgets, managing freight expenses can be a hard thing to do. An internal audit of your freight expenses can be your map to cost-cutting treasure. Think of it as a detective story for your shipping costs, finding out hidden savings and making your supply chain run…