Introduction
The Indian tax landscape has undergone significant changes over the years, aiming to curb tax evasion and promote transparency in business transactions. One such critical provision is Section 40A(3A) of the Income Tax Act, 1961. This section deals with the disallowance of business expenses in cases where payments exceeding a specified limit are made in cash. This blog explores...
Case Study: Rahul’s Tax Troubles After Termination:
Introduction:
Mr. Rahul, a dedicated employee at INX Media, faced unexpected challenges after being terminated from his position. His subsequent receipt of a lump sum amount and a new car led to legal complexities with the Income Tax Department.
Rahul worked diligently at INX Media for several years before his sudden...