due date for filing returns under section 139(1) of the Income Tax Act, 1961 has been extended from 31st October, 2024 to 15th November, 2024
The due date for filing returns under section 139(1) of the Income Tax Act, 1961 has been extended from 31st October, 2024 to 15th November, 2024 for below classes of taxpayers referred to in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act. As per Explanation 2 to Section 139(1) […]
80CCD(2) Limit Increased
In a important progress aimed at enhancing retirement savings, the Union Budget 2024-25 introduces important amendments to Section 80CCD of the Income Tax Act, 1961. These changes are set to provide substantial benefits for employees and employers under the new tax regime. Here’s a detailed overview of the proposed changes and their consequences. […]
Audit Trail Applicability: Date, Turnover Limit, Penalty, Best Practices
The Ministry of Corporate Affairs (MCA) recently released a notice (Companies (Accounts) Amendment Rules, 2021) mandating that companies using accounting software must choose platforms equipped with a feature recording an audit trail for every transaction. The updated audit trail rule in accounting software has taken effect from last year. Originally scheduled for implementation in 2021, the effective audit […]
CAPITAL GAIN EXEMPTION 54,54B,54EC,54F INFO
Capital gain on sale of certain assets is exempted on purchase/construction of specified assets under section 54,54B,54EC,54F subject to few conditions.These exemption has been tabulated on the basis of following points. Who can claim exemption Eligible assets sold Assets to be acquired for exemption Time limit for acquiring the new assets Exemption Amount Whether “Capital […]