What is Section 44 AD     The Income Tax Act requires business owners to keep regular accounting. They must also audit their records of accounts. They may, however, disclose income at regulated rates while using the PTS under Section 44 of the Income Tax Act. It relieves them of the time-consuming duty of accounting …


10B in Income Tax

10B in Income Tax

What is Form 10B ? If a taxpayer has submitted Form 10A to register as a charity trust or religious institution, or if the taxpayer is already registered, Form 10B allows the taxpayer to submit an audit report. The CA that the taxpayer added under the My CA service has access to Form 10B and …

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Form AOC – 4

What is Form AOC 4 ? All businesses registered in India pursuant to the Companies Act of 2013 are expected to submit a copy of their financial statements, along with all supporting documentation that was duly approved at the annual general meeting of the business. Every year, a corporation must submit its financial accounts to …

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Shops and establishment

Introduction Several state governments have passed the Shop and Establishment Act to control the working conditions for employees in retail establishments, restaurants, etc. The Weekly Holiday Act, 1942, adopted by the Central Government to regulate the granting of holidays, must be followed by all commercial companies. There is no special Central Government Act, however, that …

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Gst rates for car

Gst rates for car GST’s Effect on Indian Car Prices The Goods and Services Tax Bill was a tool used by the government to establish a consistent tax system over the entire nation. Several cascading taxes levied by the state and federal governments were replaced by one indirect tax. GST for Automobiles In India, the …

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TRUST Registration

TRUST Registration

How do trusts work? An arrangement in which property is given to or vested in a person to be used and disposed of for the benefit of another person is referred to as a trust. But in India, trust is only defined in that way by law. Let’s avoid seeing trust in the context of …

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Form RFD-01

– Any registered GST taxpayer may request a refund using form RFD-01 or RFD-01A. – Only when the reimbursement exceeds hundreds of rupees will a refund be started. – RFD-01 is an application for the online processing of a GST refund. –  It must be submitted using the GST portal. RFD–01A – RFD-01A is a …

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Reverse charging mechanism

Reverse charging mechanism ~ The GST is typically borne by the provider of the products and services. With the Reverse Charge Mechanism, the tax responsibility is reversed because the recipient of the goods and services must pay the tax. As a general rule, GST works as follows: ~ The recipient purchases the goods or services …

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Income Tax Refund Claim

– When the tax amount paid and the amount actually owed differ, an income tax refund is due. – A refund is started if the amount paid is greater than the total that must be paid. – The Form 30 serves the same function. Who qualifies for a refund of income taxes? – If the …

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