Unlike the Optional Tax Regime wherein all the relevant deductions or exemptions are allowed, only certain deductions or exemptions are allowed under the Default Tax Regime, which are as undermentioned; Sr. No. Deductions / Exemptions Relevant Section Maximum Limit 1…
B. Default Tax Regime (also known as New Tax Scheme) As the name of the scheme suggests that this is the default option in ITR form, you do not need to select this option separately. You have to pay tax…
(as amended by Finance Act, 2024 – No. 2) A. Optional Tax Regime (also known as Old Tax Scheme) Under the Income Tax law of India, every income earned during the financial year by any person is chargeable to income…
At the time of filing of ITR or on any other occasion you might heard this word from your consultant that this information is available under Form 26AS. Form 26AS is a description of financial transactions done by the taxpayer…
Under the Income Tax law of India, every income earned during the financial year by any person is chargeable to income tax in the assessment year as per the provisions given under section 4 of the Income-tax Act, 1961. The…
Please refer the PL dated 26th February 2024.
First Board Meeting: A Company shall hold its first Board meeting within 30 days of Incorporation to consider the following matters: Design Share Certificates, signboard, nameplate, letterhead, etc.; Rubber stamp of the Company; Ratification of Pre-incorporation expenses; Printing of…
Digital Signature- means authentication of any electronic record by a subscriber by means of an electronic method or procedure in accordance with the provisions of section 3 of Information Technology Act, 2008. Digital Signature Certificates (DSC) are the digital equivalent…
SION details that were not used for the past 5 years will be suspended from the SION list w.e.f. 1st April, 2024. If your SION details are deleted, you won’t be able to import such goods under an Advance license…
