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 …
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 …
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 …
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. …
The ITR 6 form is an income tax form that should be used by businesses that do not qualify for Section-11 exemptions. Companies that can claim Section-11 exemptions are those that hold their property income for religious or charitable purposes. Who is eligible to file Form ITR 6? Every company, regardless of structure, that is …
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 …
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. …
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 …
Introduction Individuals can file tax returns for prior years. This is only possible for the two years preceding the current fiscal year for which returns must be filed. Taxpayers have a two-year window in which to file their returns. Individuals who want to file their income tax returns for previous years can only do …
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 …
