Section 194A

What Is Income Tax Section 194A

According to Section 194 A, an individual is required to pay tax on interest sources. This includes interest paid by banks on fixed deposits, advances, and loans. It also includes interest payments made on unsecured loan forms. Interest in securities, on the other hand, is not covered by this section. Furthermore, Section 194A deducts TDS …

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Section 192 A of Income Tax Act

Section 192 A of Income Tax Act

Introduction Individuals frequently require an influx of cash. People with no other options may decide to withdraw from their EPF accounts prematurely in such circumstances. They must, however, check Section 192A of the Income Tax¬†Act before initiating such a withdrawal. Section 192A of the Income Tax Act Addresses Tax Deducted at Source on an amount …

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Income Tax Section 194BB

Introduction Section 194BB is a provision in the Income Tax Act that allows a deduction for any income earned from winning a horse race. The winner of a horse race, i.e. the jockeys, trainers, and owners, will receive monetary rewards. Before such winnings are distributed, tax will be deducted from the concerned person. In this …

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Section 192 of Income Tax Act

Section 192 of Income Tax Act

What is Income Tax Act Section 192? TDS on salary earnings is addressed in Section 192 of the Income Tax Act of 1961. TDS is deducted from your pay by your employer.   The company is responsible for deducting the correct TDS for the relevant fiscal year based on your taxable income and tax rate. …

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Clause 44 of Form 3CD

Clause 44 of Form 3CD

The Incomes Act established two types of tax audit forms:    Report on Audit:   The audit report would be in either Form 3CA or Form 3CB format. Form 3CA is for people whose accounts have been audited under laws other than the Income Tax Act. Form 3CB is intended for individuals whose accounts have not …

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GSTR-2A reconciliation

GSTR-2A reconciliation

What exactly is GSTR-2A reconciliation?   The process of matching the invoices available in the GSTR-2A with the invoices recorded by a business in its books is known as GSTR-2A reconciliation. The GSTR-2A reconciliation process assists businesses in matching invoices and identifying any discrepancies. ITC reconciliation is performed at various intervals, primarily monthly or fortnightly. …

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What exactly is GSTR 9?

What exactly is GSTR 9?

GSTR 9 is a GST annual return form that must be filed by every registered taxpayer in each fiscal year following the implementation of the GST regime. GSTR 9 forms include all consolidated summaries completed by any taxpayer on a monthly or quarterly basis. The summary contains essentially all of the ITC declared information, specifically …

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ITR for Sole Proprietorship

ITR for Sole Proprietorship

Introduction   A proprietorship, like other incorporated businesses such as partnerships and corporations, is required to pay income tax on its profits. A proprietorship is legally treated the same as the owner, and the Income Tax Returns that must be filed follow the same procedure as the proprietor’s own filings. As a result, the laws …

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