The new income tax section – to settle MSME bills within 45 days What is section 43B?? It relates to the all Business and Professions, in respect of Certain Liabilities in the nature of Statutory Payments for the year when remained unpaid on at the end of the financial year. As per this Section,
Income Tax Slab Rate AY 2024-25 (FY 2023-24) Income Slabs Income Tax Rates FY 2023-24 (AY 2024-25) Up to Rs 3,00,000 Nil Rs 3,00,000 to Rs 6,00,000 5% on income which exceeds Rs 3,00,000 Rs 6,00,000 to Rs 900,000 Rs. 15,000 + 10% on income more than Rs 6,00,000 Rs 9,00,000 to Rs 12,00,000 Rs.
The fiscal year 2023-24 has demonstrated a robust performance in terms of GST collections, showcasing a significant growth trajectory compared to the preceding year. Here’s a detailed breakdown of the noteworthy highlights: Average Monthly Collection: The average monthly collection for the fiscal year stands impressively at Rs 1.68 lakh crore, surpassing the previous fiscal year’s
Letter of Undertaking (LUT): All the exporters or who supplies goods or services to SEZ without payment of GST should apply for LUT in form GST RFD 11 for FY 2024-25. Reconciliation of Outward Liability: The taxpayers shall reconcile their outward tax liability between GSTR 1, GSTR 3B & Books and shall account for any
Tentative Financials: Taxpayers shall prepare their tentative annual profit & loss statements and balance sheet before 31st March 2024 and shall compare the same with the figures of previous year and the budgeted figures of this year so that they can plan properly. Advance Tax: If Taxpayers have not paid Advance tax before 15th March,
Create a Budget: Establish a budget outlining your income and expenses. This will help you understand where your money is going and where you can cut back. Automate Savings: Set up automatic transfers from your checking account to your savings account. This ensures that a portion of your income goes directly into savings without you