Taxceller Advisory Services

As per Section 43B(h) any sum payable by the assessee to a micro or small enterprise beyond the time limit specified in section 15 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006), shall be allowed (irrespective of the previous year in which the liability to pay such sum was incurred by the assessee according to the method of accounting regularly employed by him) only in computing the income referred to in section 28 of that previous year in which such sum is actually paid by him.

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As per Section 115BBH of the Income Tax Act, 1961, Tax @ 30% is payable on profits from sale of Virtual Digital Assets.

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As per Section 194IA of the Income Tax Act, 1961 any person purchasing an immovable property from a resident has deduct 1% TDS on the amount of consideration paid, if the consideration exceeds Rs. 50 lakhs.

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As per Section 285BA read with Rule 114E of the Income Tax Law, any person who has entered in a specific financial transaction during a Financial Year has to mandatorily file Form 61A on or before 31 May of the next year.

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As per notification no. 03/2023 – Central Tax, any registered person whose registration has been cancelled due to non-filing of GST returns on or before the 31st day of December, 2022 and has failed to apply for revocation of cancellation of such registration within time limit, may apply for revocation of cancellation of such registration upto the 30th day of June, 2023;

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As per notification no. 07/2023 – Central Tax, Any registered person who has not filed GSTR-9 for FY 2017-18 to FY 2021-22 can now file till 30th June 2023, by paying late fees of Rs. 20,000 or actual, whichever is lower.

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As per Section 80GGB and 80GGC of the Income Tax Act, any donation made to a registered political party is eligible for deduction from the Gross Total Income of the assessee.

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Chapter VI-A of the Income Tax Act, 1961 offers various deductions under Sections 80C, 80CCD 80D etc.

Section 10(5) of the Income Tax Act, 1961 provides exemption to an individual in regard to the the value of any travel assistance received by him from his employer.

Section 24(b) of the Income Tax Act, 1961 allows deduction of interest paid on home loan.

HRA is the house rent allowance in income tax. It means the salary component received towards the rent payment and is allowed as a deduction from taxable salary under Section 10(13A)

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