Slump Sale (Section 50B of Income Tax Act, 1961) What is a Slump Sale? According to Section 2(42C) of the Income Tax Act, 1961, a ‘slump sale’ refers to the transfer of one or more undertakings as a result […]
Conversion of Sole Proprietorship into Private Limited Company A Sole Proprietorship is a business entity wholly owned and controlled by an individual. It is ideal for those starting small businesses, but as the business grows, transitioning to a more structured […]
When entrepreneurs embark on their business journey, forming a partnership firm often serves as a straightforward initial step. However, as businesses expand, partners may contemplate transitioning into a company. This transformation, while seeming daunting, offers significant advantages and necessitates understanding […]
Legal provision – Section 43B(h) 43B(h) any sum payable by the assessee to a micro or small enterprise beyond the time limit specified in section 15 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006),shall be […]
Cash transactions have long been a subject of scrutiny by the Indian Income Tax Department due to their potential for tax evasion and unaccounted money circulation. It is important for taxpayers to know these limits in order to make sure […]