CA Inter Updates

#Electoralbonds scheme has been struck down as unconstitutional by the Supreme Court. What was Electoral bonds scheme ? Lets understand Electoral bonds were introduced in the 2017 Union Budget to enhance transparency in political funding. However concerns arose due to donor anonymity and lack of disclosure. ➡️Electoral Bond is a bearer instrument in the nature of a Promissory Note and an interest free banking instrument. ➡️A citizen of India or a body incorporated in India will be eligible to purchase the bond. ➡️Electoral bond would be issued/purchased for any value, in multiples of INR 1,000, 10,000, 1,00,000, 10,00,000 and 1,00,00,000 from the specified branches of the State Bank of India (SBI). ➡️It will not carry the name of payee. Anonymous ➡️The purchaser would be allowed to buy electoral bond(s) only on due fulfilment of all the extant KYC norms and by making payment from a bank account. ➡️The bond shall be encashed by an eligible political party only through a designated bank account with the authorised bank. Join https://t.me/charteredaccountantsupdates

Today is the last day for form filling for May 2024 Exams without late fee. Join https://t.me/charteredaccountantsupdates

SECTION 43B CLAUSE (h) Join https://t.me/charteredaccountantsupdates

Word of the day IPO Initial Public Offering (IPO) is the first time when a company raises money from the stock markets. The company sells its shares to the general public and hence becomes a publicly listed company. After an IPO, shareholders can buy and sell the shares at any point during stock market hours. Join @csupdates

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The remission and extinguishment of tax demand shall be subject to the maximum ceiling of Rs 1,00,000 (Rupees one lakh) for any specific taxpayer/assessee for the following types of demand entries: a) Principal component of tax demand under the Income-tax Act, 1961 or corresponding provisions of Wealth-tax Act, 1957 or Gift-tax Act, 1958 and b) Interest, penalty, fee, cess, or surcharge under various provisions of the Income-tax Act, 1961, or corresponding provisions, if any, of the Wealth-tax Act, 1957, or Gift-tax Act, 1958. •*¨*•.¸¸☆*･ﾟ❤️ﾟ･*☆¸¸.•*¨*• Join @DTAXMCQ CA Channel - @charteredaccountantsupdates CS Channel - @csupdates CMA Channel - @cmaupdates20 •*¨*•.¸¸☆*･ﾟ❤️ﾟ･*☆¸¸.•*¨*•

Taxpayers, check ITR portal now: Pending tax demand of up to Rs 1 lakh per individual waived by govt The Central Board of Direct Taxes (CBDT) via an order dated February 13, 2024, stated that the tax department has started remitting and extinguishing eligible old tax demands which were outstanding as of January 31, 2024. "Consequent to the Order of the CBDT in 375/02/2023-IT-Budget dated 13.2.2024 eligible outstanding direct tax demands have been remitted and extinguished. Please log into your account and follow the path Pending Action Response to Outstanding Demand to check the status of 'Extinguished Demands' in your case," said CBDT in the order dated February 13, 2024, published on February 19, 2024. •*¨*•.¸¸☆*･ﾟ❤️ﾟ･*☆¸¸.•*¨*• Join @DTAXMCQ CA Channel - @charteredaccountantsupdates CS Channel - @csupdates CMA Channel - @cmaupdates20 •*¨*•.¸¸☆*･ﾟ❤️ﾟ･*☆¸¸.•*¨*•

Deductions/Allowances allowed to a Salaried Employee •*¨*•.¸¸☆*･ﾟ❤️ﾟ･*☆¸¸.•*¨*• Join @DTAXMCQ CA Channel - @charteredaccountantsupdates CS Channel - @csupdates CMA Channel - @cmaupdates20 •*¨*•.¸¸☆*･ﾟ❤️ﾟ･*☆¸¸.•*¨*•

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We have our basics messed up: [1] Students at their prime age are allowed (even encouraged) to take drops to prepare for exams like UPSC. 99% do not get selected. And, they sink their youth, doing what exactly? [2] MBA/Engineering schools package salaries as CTCs to lure gullible students who do not know financial realities. They take loans to do courses, which do not lead to jobs. [3] Most graduates after years of studying can't write basic emails or know anything about networking. Poor real world skills. They would have learnt more watching 1000 hours of useful content on YT, than their 4 year degrees. Yet, the loot is legalised. Join @csupdates