The Multistate Tax alert archive includes external tax alerts issued by Deloitte Tax LLP's Multistate Tax practice during the last four years. These external alerts highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summ...
Starting from the first day of April, taxpayers can file their ITRs for AY 2024-25, which is relevant to the FY 2023-24. View more03rd April 2024The Income-tax notification no 2/2024 is released for verification of the time limit of the income tax return after uploading on the portal....
Texas’ state budget for FY2024 is approximately $160 billion (it is enacted biennially, the total spending amount for 2024 and 2025 being $321.3 billion). Texas had a rolling forward $32.7 billion surplus from its previous biennial budget and an additional $23.5 billion in its rainy day (Ec...
Texas’ state budget for FY2024 is approximately $160 billion (it is enacted biennially, the total spending amount for 2024 and 2025 being $321.3 billion). Texas had a rolling forward $32.7 billion surplus from its previous biennial budget and an additional $23.5 billion in its rainy day (Ec...
Standard Rate 0% (for food staples), 5%, 12%, 18% and 28% (+cess on luxury items) GST 5% and HST varies from 0% to 15% 20 %Reduced rates- 5 %, exempt, zero rated 7% Reduced rates- Zero rated, exempt Threeshold Exemption Limit Rs.40 lakh or Rs.20 lakh, depending on the st...
The assessee has to pay income tax if his total Income after allowing Chapter VI-A Deduction is more than the taxable income limit.Due Dates of ITR for Different Categories of Taxpayers for FY 2023-24 (AY 2024-25)Category of TaxpayerDue Date (Original Return) Company (whether tax audit ...
Tax exemption limit of Leave Encashment increased to INR 25 Lakhs RJA 28 May, 2023 Central Board of Direct Taxes increased limit of Leave Encashment exemption u/s 10(10AA) to Rs. 25 Lakhs for Non- Government Employees Central Board of Direct Taxes through Income tax Notification No. 31/...
(known as the minimum allowance). Net financial expenses exceeding this 30% EBITDA limit can be carried forward and deducted in the following years, subject to the same 30% EBITDA limit. Additional restrictions apply for leveraged buyouts (when a merger takes place, or the CIT consolidation ...
Accordingly, if there is sale of scrap the same shall be included for calculating the threshold limit for this section. The turnover needs to be calculated Net of Sale Return and any Trade Discounts being offered as these are directly related to the sales. GST should not be included as a ...
(d) No audit is required if turnover is up to Rs.1 crore and taxable income is below exemption limit From the reading of provisions of the sec 44AD(5), it is concluded that there are two conditions of sec 44AD(5) of the...