Introduction The process through which a taxpayer must record all of his income generated within a fiscal year is known as ITR filing. Individuals can complete their return filing through the official portal of the Income Tax Department. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7 are the …
Introduction Online shopping has, as we all know, been popular lately. It not only enables you to make purchases right from your home but also helps you save time and effort. On the other hand, running an online business in India is now hassle-free. Do you have company startup aspirations? If the response is affirmative, …
Is Company registration mandatory for Online Sellers? Read More »
ISD definition According to Section 2(61) of the CGST Act of 2017, a “Input Service Distributor” is a location of the supplier of goods or services or both that accepts tax invoices issued under Section 31 for the receipt of input services and issues a prescribed document in order to distribute the credit of central …
What is LTC ? When an employee and their family travel within the country, their employer may be able to claim a tax exemption for the leave travel concession or LTA, that was provided as a component of their salary. An employee may claim the cost of tickets as an exemption from taxes under Section …
Introduction One of the most important sorts of payments made by a corporate organization is professional fees or fees for technical services. Professional fees include, but are not limited to, payments given to doctors, lawyers, chartered accountants, engineers, etc. Such payments made to residents are governed by Section 194J. When certain payments are made …
Are legal, consultants, and professional fees tax deductible for businesses Read More »
Introduction The Indian Taxation Code defines Tax Deducted at Source (TDS) as a sort of advance tax that is taken out of an individual’s or an organization’s profits before the money is actually credited to that entity’s account. By enforcing the TDS laws on both individual and corporate incomes, the government is able to raise …
New way to file TDS and TCS Return, 26Q, 24Q, 27Q, 27EQ Read More »
The Fundamentals of Sections 206 AB and 206 CCA When you make a payment to someone who did not file an income tax return the previous year, Section 206 AB deducts the tax deducted at source at a higher rate than usual. At the same time, the 206 CCA section will collect tax on the …
According to Section 35 (5) of the CGST Act, registered taxpayers in India with an aggregate turnover of more than 2 crores in a fiscal year (FY) must have their accounts book audited by an authorised Cost Accountant or a Chartered Accountant. A copy of the GST audit report, financial statements, and reconciliation statement must …
Introduction Foreign investments are critical to an economy’s viability, and India, as a developing economy, has become a popular destination for prospective investors from around the world. One major factor attracting foreign investors is the rapid growth of the equity markets. Section 196D of the Income Tax Act has been added by the government to …
Introduction Every business with a turnover that exceeds a certain threshold must register for GST. During the registration process, business details such as statutory information, address of the business, nature of goods and services, and so on are required. While the registration may be approved within 7-10 days, the tax officer may require clarification before …
