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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. ....
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. ....
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. ....