MEF 2024-25 Now Open: Submit Your Multipurpose Empanelment Form at MEFICAI.org Before October 7

Published on: 19-09-2024

The Multipurpose Empanelment Form (MEF) for 2024-25 is now live at MEFICAI.org. Eligible members and firms are encouraged to submit their forms before the October 7, 2024 deadline. Ensure all information is accurate, as the data is used for profes... Read more

Penalties for Non-Adherence of MCA Notification on Audit Trail (Edit Log) w.e.f 1st April 2023

Published on: 14-08-2024

Both companies and auditors have a significant responsibility to adhere to the MCA's notification regarding the audit trail. Non-compliance can lead to substantial financial penalties and personal liabilities, with severe cases potentially lea... Read more

Section 43B of Income Tax Act: Expenses businesses can cover apart from payment to MSMEs

Published on: 10-05-2024

A section of MSMEs and traders in India is expecting the revision or revocation of the new clause h brought under Section 43B of the Income Tax Act, 1961 by the government to address the delayed payment issue of MSMEs. The concern among certain MS... Read more

Income Tax Act amendment on cards on tax treatment of MSME dues

Published on: 23-04-2024

A change introduced last year in the Income Tax Act to help small businesses receive timely payments might have had the unexpected effect of putting off buyers of their goods and services altogether. According to two people aware of discussions in... Read more

When will ITR1 forms become available for tax filing. Check details

Published on: 12-04-2024

The Income Tax department has made it easier for taxpayers to file their taxes for the financial year 2023-24 (FY24) by rolling out online forms ITR-1, ITR-2, and ITR-4, on its website.

Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals

Published on: 12-04-2024

The Income Tax department has released an interim action plan for the fiscal year 2024-25, which will focus on areas such as identifying cases of TDS short-payment, expediting appeals processing, and others.

45-day MSME payment rule: Impact and details of Section 43B(h) explained

Published on: 27-03-2024

To ensure timely payments to the Micro, Small and Medium Enterprises (MSME) sector, a new regulation will be implemented from April 1. This regulation requires companies to settle their dues with MSMEs within 45 days. Non-compliance will lead to a... Read more