Additionally, it mentions the Minimum Alternate Tax (MAT) applicable at 15% on Book profit for AY 2024-25. Latest Update: From the assessment year (AY) 2024-25, subject to specific conditions, the threshold for Section 44AD has increased to ₹3,00,00,000, while the limit for Section ...
Income Tax Update: As per Explanation 2 to Section 139(1) of the I-T Act, taxpayers in the following categories submit their returns by 31st October 2024. Read More The CBDT finds that over 34.84 lakh audit reports had been filed on the e-filing portal for AY 2024-25 by 7 October...
The effect of this proposal might be limited if the country-by-country proposals described above are enacted. As noted, those proposals would limit the utility of cross-crediting strategies, which would make the transactions targeted by this proposal less appealing in general. For example, t...
ARPA generally eliminated the upper income limit and increased the amount of the premium tax credit (the percentage of household income that individuals are required to contribute to their health insurance coverage decreased to 9.61% in 2022). For 2023, even more taxpayers may qualify for the tax...
ARPA generally eliminated the upper income limit and increased the amount of the premium tax credit (the percentage of household income that individuals are required to contribute to their health insurance coverage decreased to 9.61% in 2022). For 2023, even more taxpayers may qualify for the tax...
The deadline to submit your income tax return for 2024-25 has been extended to November 15, 2024, for audit cases. Read Circular The CBDT department has decided to replace the Excel and Java Versions of ITR Utilities with the JSON Utility for ITR-1 & ITR-4, which will be applicable fo...
Excess tax refund claims rejected on time limit, High Court allows explanation for delay. November 6, 2024 Case Laws VAT / Sales Tax Partial GST refund allowed; remaining claim remanded for fresh adjudication on unjust enrichment. ...
Future’s tax policy and the management of tax risks are assessed as part of the Group’s formal governance processes and are reviewed by the Chief Financial Officer who reports them to the Audit Committee on a regular basis. Day-to-day responsibility for tax sits with the Head of Tax. As...
The Multistate Tax alert archive includes external tax alerts issued by Deloitte Tax LLP's Multistate Tax practice during the last three years.
The CBDT has extended the due date of filing ITR for the auditable entities for the A.Y. 2022-23 to 7th November, 2022 to give effect to consequential extension in the due date of filing audit report till 7th October, 2022. Time limit for e-verification of ITR reduced to 30 days from...