[wp_blog_designer id=”2″]Update 1- Revision in Tax Audit Limit :

The monetary limit for audit u/s 44AB has been increased from existing limit of Rs.1 crore to 5 crores. In case of entities carrying business, whose cash receipts and cash payment is less than or equal to 5% of total receipts as well as payments respectively threshold of Rs. 5 crores has been prescribed instead of Rs. 1 crores for the purpose of requirement of tax audit u/s 44AB

Update 2- New Optional New Tax Slabs 

Upto                    2,50,000                               Nil

From           2,50,001 to 5,00,000               5 per cent

From          5,00,001 to 7,50,000                10 per cent.

From          7,50,001 to 10,00,000              15 per cent.

From         10,00,001 to 12,50,000              20 per cent

From         12,50,001 to 15,00,000              25 per cent.

Above        15,00,000                                      30 per cent

Condition : 80C deduction( LIC , Mutual Fund etc ) and Home loan interest will not be allowed as deduction

 

Update 3-  Fake invoice penalty 

Amount equivalent 100% of fake invoice would be charges as penalty by the income tax department if detected by them. This is big move to stop the fake invoicing so be careful about fake invoicing

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If you have any query please contact your assigned partner for particular CA branch of RSR Shah & Co. We will send new update soon

Thanks & Regards 

RSR SHAH & CO

Team RSR

 

 

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