Background: As per the Income Tax law, employers are required to calculate the income tax for each employee based on the chosen tax regime (Old or New) and deduct TDS from their salary accordingly, following the Income Tax Slab Rates. At the beginning of the financial year i.e. in April, employers are required gather declarations…
In their efforts trying to promote growth of Micro Small & Medium Enterprises, Government has brought about amendment effective from 1st April 2024 which requires all business entities, including companies, proprietorships, partnership firms, or LLPs, to timely make payments to registered Micro and Small enterprises suppliers. Section 43B(h) of the Income Tax Act, a provision…
Two sections necessitate the deduction of tax (TDS) / collection of tax (TCS) at higher rates when payments are made to specified persons who have not filed their income tax returns Two sections necessitate the deduction of tax (TDS) / collection of tax (TCS) at higher rates when payments are made to specified persons who…
