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MSMEs -Amendment in Section 43B

The Union Budget 2023 have proposed to insert a new clause (h) in Section 43 of the Income Tax Act, 1961 Section 43B contains sums which are to be allowed as deduction only on actual payment made of such sums. Meraly booking as liabilities to pay in financials will not be sufficient to claim such… Continue reading MSMEs -Amendment in Section 43B

Maharastra Professional Tax Late Fees Waver

Maharashtra Government have issued Notification and given relief to the Professional Tax Holder wherein if the PTRC Holder who have not filed the return yet can file the return without Late Fees on or before 31/05/2022. Notification of Late Fees wavier issued by the Maharashtra Department on 24th April, 2022 giving relief to the PTRC… Continue reading Maharastra Professional Tax Late Fees Waver

Budget 2022

Surcharge on long-term capital gainThe Finance Bill proposes that the rate of surcharge on long-term capital gain shall not exceed 15%. Earlier, this benefit was available only in respect of long-term capital gain arising from the transfer of listed equity shares, equity-oriented mutual funds and units of business trust. Now the surcharge rate cannot exceed… Continue reading Budget 2022

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