IT’s that time of the year again ... income tax filing time.
I have been receiving numerous calls with queries on taxation matters ... such as on deductibility of expenses, taxability of fixed deposit interest income, timing of taxation for business income, for example, if the invoice is raised by a sole proprietor in December 2024 but the fees are received only in January 2025 – is it taxable as income in 2024 or 2025 ... and a myriad of other questions.
