CA In Vimannagar

Deduction of payment to MSMEs

Every business can claim deduction of payments made to the vendors on accrual basis. This means that business can claim deduction of payments to vendors which are not paid in actual but are due for payments as on the last date of the financial year and/or even until filing the return of income.
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Higher Rates of TDS & TCS for Non-Filers

The Finance Act 2021 has introduced two new sections in the Income Tax Act, viz., Section 206AB & Section 206CCA.

INCOME TAX RATES FOR A.Y 2024-25 (FY 2023-24)

1. Individual (Resident or Resident but not Ordinarily Resident or non-resident) other than Senior Citizen & for HUF:
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How to Claim Refund of GST

Until 48^th GST Council Meeting, an unregistered dealer (buyer of flat) could claim refund of GST paid upon cancellation of such flat only from builder that too within the time limit where the builder could issue a credit note to such buyer.

Declaration by GTA under Annexure V

A Goods Transport Agency (GTA) means any person who is engaged in the business of providing services with respect to transportation of goods by road.

Cost Inflation Index for FY 2023-24

CBDT has notified the Cost Inflation Index for Financial Year 2023-24 vide Notification No. 21/2023 dated 10th April, 2023. The Cost Inflation Index for FY 2023-24 relevant to AY 2024-25 & subsequent years is 348.

TDS on Winnings from Online Gaming (194BA)

All the income earned through winnings from lottery, crossword puzzle, gambling, betting, horse racing and any similar nature were taxed under section 194B of the Income Tax Act, where the payer of such winnings would require to deduct TDS at 30% if such winnings exceed Rs 10,000/-

Senior Citizen – Exempt from Filing their ITR

To make tax compliances hassle-free and to provide relief to senior citizens, Government of India through Union budget 2021 came up with a new section which provides conditional relief from filing the Income Tax Return. As per Section 139 of Income Tax Act, every person who has a taxable income is required to file Income Tax Return.

Additional Deduction of Interest on Housing Loan

Any taxpayer who has purchased or constructed a house with a borrowed capital is allowed a deduction with respect to interest paid on such loan under section 24(b) of the Income Tax Act.
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INCOME TAX RATES FOR A.Y 2023-24 (FY 2022-23)