Section 44AB Tax Audit: Who Needs It and What Are the Turnover Limits
Section 44AB tax audit applies if your business turnover exceeds Rs 1 crore or professional receipts cross Rs 50 lakh. Here are the limits and penalties.
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Section 43B(h): Pay MSME Suppliers Within 45 Days or Lose the Tax Deduction
Section 43B(h) disallows expense deduction if payments to micro and small enterprise suppliers are not made within 15 or 45 days. Applies from AY 2024-25.
Section 194C: TDS on Payments to Contractors for FY 2025-26
TDS under Section 194C applies at 1% or 2% on contractor payments exceeding Rs 30,000 per transaction or Rs 1 lakh per year.