Budget 2023: The Institute of Chartered Accountants of India (ICAI) has submitted the “PRE-BUDGET MEMORANDUM – 2023 for DIRECT TAXES AND INTERNATIONAL TAXATION. In that ICAI stated that: Section 80C – Various suggestions Issue/Justification: PPF is used as a means of savings by entrepreneurs and professionals. While the assessees in employment have the compulsion of […]
Health and Education Cess Not Allowed As Business Expenditure ‘Health and Education Cess’ is not allowed as business expenditure. This was clarified by Smt Nirmala Sitharaman, Union Minister of Finance while presenting the Union Budget in the Parliament today. The Union Finance Minister stated that the income-tax is not an allowable expenditure for computation of […]
Taxpayers Can File Updated Income Tax Return within 2 Years The Government proposes to permit taxpayers to file an updated return on payment of additional tax within two years from the end of the relevant assessment year announced the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman while presenting the Union Budget 2022-23 in […]
RBI to Introduce Digital Rupee using Blockchain and other Technologies starting 2022-23 The Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman today announced the introduction of Digital Rupee to be issued by the Reserve Bank of India starting 2022-23. Presenting the Union Budget 2022-23 in the Parliament here today, the Finance Minister said that […]