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Trusts fear new tax to shrink coffers, hurt charity work

Large trusts and non-profits are in dilemma as the March 15 deadline for advance tax approaches. The new law taxes the money given by larger trusts to smaller NGOs. Clarification by the CBDT is needed to address the impact on flow of funds to charitable causes and to provide tax exemptions for sub-grants.

Mumbai , Maharashtra , India , Paras-savla , Gautam-shah , Gautam-nayak , Gautam-shah-associates , Income-tax-act , Charity-work , Tax , Trusts , Finance-bill

'Genuine' penny stock investors get court relief

India Business News: MUMBAI: Genuine investors who have traded in shares identified by authorities as penny stocks find themselves in a minefield as they face hefty tax de.

Delhi , India , Mumbai , Maharashtra , Farzad-jehan , Gautam-nayak , Uttamm-jain , Sarika-bindal , Manohar-chowdhry-associates , Manohar-chowdhry , Business-news , Unexplained-cash-credit

Why NRIs in UAE enjoy tax benefits on MF investments

A tax treaty provides special benefits, but there are real-life challenges in implementation.

India , Singapore , Gautam-nayak , Karan-batra , Indian-supreme-court , Emirates , Sagar-soman , View-full-image , Harsh-roongta , Fee-only-investment , Chartered-club , Nris

Companies and vendors are trying to escape the impact of an Income Tax law taking effect this year

Under the law --- section 43B(h) of the Income Tax Act --- whose impact would be felt for the first time this year, a business entity failing to pay its vendors registered as `micro or ‘small (MSE) within 45 of delivery, would not get the deduction of its purchase in the year of the purchase but can claim the deduction only in the year of ‘actual payment. Thus, deduction disallowance for unpaid outstanding would increase the taxable income and tax of companies for FY24.

Surat , Gujarat , India , Indore , Madhya-pradesh , Anurag-poddar , Gautam-nayak , Narayan-rane , Manish-dafria , Paras-savla , Nirmala-sitharaman ,

MSE: Businesses navigate new tax law impacting MSE payments, seek government intervention

The new law under Section 43B(h) of the Income Tax Act, which mandates payment to micro and small enterprises (MSEs) within 45 days of delivery to claim deductions, is causing concern and leading to various strategies by businesses and vendors to mitigate its impact. Some companies are attempting to avoid the law's impact by sending letters to vendors without expecting responses, while others are issuing post-dated cheques or raising objections within 15 days of delivery to delay payment obligations.

Kozhikode , Kerala , India , Surat , Gujarat , Australia , Lucknow , Uttar-pradesh , Indore , Madhya-pradesh , Manish-dafria , Paras-savla

MSE: Businesses navigate new tax law impacting MSE payments, seek government intervention

The new law under Section 43B(h) of the Income Tax Act, which mandates payment to micro and small enterprises (MSEs) within 45 days of delivery to claim deductions, is causing concern and leading to various strategies by businesses and vendors to mitigate its impact. Some companies are attempting to avoid the law's impact by sending letters to vendors without expecting responses, while others are issuing post-dated cheques or raising objections within 15 days of delivery to delay payment obligations.

Surat , Gujarat , India , Indore , Madhya-pradesh , Narayan-rane , Gautam-nayak , Nirmala-sitharaman , Paras-savla , Manish-dafria , Anurag-poddar ,

1 crore taxpayers to get big relief from small & old tax disputes

Budget News: An official announced on Thursday that the government plans to withdraw approximately 1.1 crore disputed tax demands, amounting to Rs 3,500 crore, for

India , Nirmala-sitharaman , Gautam-nayak , Sanjay-malhotra , Amarpal-singh-chadha , Interim-budget , Tax-disputes , Tax-demands , Small-taxpayers , Relief , Petty-tax-demands

Swaranand Sangeet Pratishthan to reintroduce all-night Hindustani music festival in Mangaluru

Swaranand Sangeet Pratishthan to reintroduce all-night Hindustani music festival in Mangaluru
thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.

Dharwad , Karnataka , India , Mumbai , Maharashtra , Mangaluru , Pune , Somanath-mardur , Kavita-shenoy-basty , Apoorva-gokhale , Abhishek-borker , Sudhir-nayak

Swaraanand Sangeet Pratishthan to reintroduce all-night Hindustani music festival in Mangaluru

Swaraanand Sangeet Pratishthan to reintroduce all-night Hindustani music festival in Mangaluru
thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.

Mumbai , Maharashtra , India , Dharwad , Karnataka , Pune , Mangaluru , Pallavi-joshi , Kavita-shenoy-basty , Bharavi-deraje , Somanath-mardur , Apoorva-gokhale

Charitable trusts gasp under new regime, plead more time

Well-known firms of audit and tax professionals have requested the finance ministry to defer the new reporting forms.

India , Bombay , Maharashtra , Rajesh-shah , Gautam-nayak , Jayantilal-thakkar-company , Bombay-chartered-accountant-society , Tax-consultants , Jayantilal-thakkar , Chamber-of-tax-consultants , New-regime , Charitable-trusts