Income Tax
Received Income Tax Notice For Mismatch In Income With Form 26AS
What is form 26AS? It is a consolidated Annual Information Statement for a particular Financial Year (FY). It contains the details of the following: Tax Deducted at Source (TDS) Tax Collected at Source (TCS) Advance Tax / Self-Assessment Tax / ...
Income Tax Return for Section 8 Company
According to the Companies Act 2013, Section 8 is a company that has the sole objective of promoting education, Art, Sports, Commerce, Social Welfare, Charity, Research, Religion, Environment, Science, and many other similar objects. The income and ...
Input Tax Credit Reversal under GST
ITC Reversal under GST While paying taxes to the Government, businesses can use the credit of GST paid on the purchases like raw materials/services used for manufacturing or selling products. It is known as an Input tax credit (ITC). If the input tax ...
Section 44 ADA Presumptive Taxation Scheme
Introduction To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA, and ...
Income Tax Notice Reply Procedure & Guideline
Income Tax Notice The Income Tax Department sends the notices for various reasons like not filing the income tax returns, any defect while filing the returns, or other instances where the tax department is requiring any additional documents or ...
Filing of Updated Income Tax Return: ITR U
A new form for filing updated IT returns has been announced by the Income Tax Department. In this form, taxpayers should provide the reason for filing and the portion of income to be allowed for taxation purposes. ITR-U is the new form and taxpayers ...
15CA-15CB: Purpose Codes for Forex transactions
Purpose code is a code issued by the Reserve Bank of India (RBI) to classify each transaction with the nature of foreign currency transactions. In other words, the Purpose code helps regulators identify the exact nature of a cross-border transaction. ...
Section 115BAA – New Tax Rate for Domestic Companies
Section 115BAA – New Tax Rate for Domestic Companies The section 115BAA was introduced by the Government of India through the Taxation (Amendment) Ordinance 2019 on the 20th of September 2019. Several amendments are made to the Income Tax Act,1961 ...
Partnership Firm Income Tax Rate India
Although Partnership Firms don’t have a separate legal entity, for the purpose of Income Tax, they are treated as different from their partners. Therefore, partnership firms, whether registered or unregistered, are required to register with the ...
Change in Foreign Dividends Taxability
Currently, Section 115BBD of the Income Tax Act, 1961 provides a concessional tax rate on foreign dividends where the recipient Indian company holds a minimum of 26 per cent equity shares of a foreign company. The tax rate prescribed on the foreign ...
Partnership firm income tax calculation
A partnership firm is a body of more than one person conducting business under one entity. There are two types of partnership firms – Registered partnership firm Unregistered partnership firm A registered partnership firm is a partnership firm that ...
Budget 2022: Capping of LTCG surcharge at 15%
Though the Financial Services Sector was looking at significant tax incentives and deductions to be announced in the Budget 2022, the Finance Minister has managed to strike a balance and refrained from making significant changes or announcements ...
Budget 2022: Key Amendments in Taxation
The Finance Minister presented the Budget 2022 speech today. There were no changes in the individual taxpayer’s tax slab rates, but the finance minister provided new taxation rules for the income generated from virtual digital assets. Let’s look at ...
Budget 2022: Taxation of Virtual Digital Assets
In line with the pre-budget expectation, Finance Minister Nirmala Sitharaman has proposed a taxation scheme for virtual digital assets. The Budget 2022 has proposed sweeping changes regarding the taxation of crypto-currency, non-fungible tokens ...
Budget 2022 bars set off of losses against Undisclosed Income
Set off of a loss in search cases – Amendment in the provisions of section 79A of the Income Tax Act, 1961 Chapter VI of the Act deals with aggregation of income and set off or carry forward of loss. In Sections 70-80 of the Act, there are specific ...
Budget 2022: Litigation management Policy
A new litigation management system will be introduced on the tax front to reduce repetitive appeals in tax cases. Finance minister Nirmala Sitharaman in her budget announcement, has said that the government will create a litigation management system ...
Can I File my ITR after Due Date
Penalty for Late Filing of Income Tax Return The taxpayers have to file the return of their income earned in a financial year upto 31st July of the assessment year unless extended. The government gives its taxpaying citizens a 4 month window to ...
How to File ITR 5 for Partnership Firm
ITR5 Form A comprehensive guide to understanding the ITR-5 Form What is the ITR-5 Form This income tax return is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of ...
Income Tax Filing Return Filing for Proprietorship Firm
Proprietorship Tax Return Filing – eFile Procedure Like any other incorporated entities such as partnerships and companies, a proprietorship also must pay tax on its revenue. In the legal sense, a proprietorship is treated like the proprietor ...
How to File Tax Return For Company
What is a business tax return? A business tax return is basically an income tax return. The return is a statement of income and expenditure of the business. Also, any tax to be paid on the profits made by you is declared in this return. The return ...
How to File Income Tax Return of Partnership Firm
A partnership firm is a body of more than one person conducting business under one entity. There are two types of partnership firms – Registered partnership firm Unregistered partnership firm A registered partnership firm is a partnership firm that ...
Income Tax Filing for Partnership Firm
What is a Partnership firm? A partnership firm is a type of entity where more than one person is carrying out business under one entity. Partnerships firms in India are of two types - Registered partnership firms and unregistered partnership ...
How to Fill in Partnership Tax Return
Partnership Firm Tax Return Filing – eFile Procedure A partnership firm is a body of more than one person conducting business under one entity. There are two types of partnership firms – Registered partnership firm Unregistered partnership firm A ...
What is transfer pricing audit in india
Transfer pricing law in India applies to both domestic and international transactions which fall above a threshold in terms of deal value. Transfer Pricing was introduced through inserting Section(s) 92A-F and relevant Rule(s) 10A-E of the Income Tax ...
What is Performance Audit in India
Performance audit is an independent, objective and reliable examination of whether public sector undertakings, systems, operations, programmes, activities or organizations are operating in accordance with the principles of economy, efficiency and ...
How to do Concurrent Audit or Bank Audit in India
Statutory Audit of Banks Statutory audit of banks can be defined as an audit to ensure that the financial statements and books of account presented to the regulators and the public are fair and accurate. It is an audit that is prescribed by a ...
Tax Benefits of Limited Liability Partnership
Limited Liability Partnership (LLP) income tax saving is legal exercise carried out by LLP to meet Income Tax saving object in correct systematic and orderly manner. As LLP Partner you may be having question on How to Save Tax in LLP ? What is tax ...
How to Manage Payroll for a Company?
A payroll service is an outside company that specializes in every aspect of the payroll process. The first such service in the United States, Automated Payrolls, was founded in 1949 and relied on primitive technology like electro-mechanical ...
Importance of social audit in india
Improve governance: Social auditing impact governance leading to good governance. It make government responsible to its citizen allowing better governance through citizen’s participation. Accountability and transparency: It allows the voice of ...
How to Do Transfer Pricing in India
Transfer pricing law in India applies to both domestic and international transactions which fall above a threshold in terms of deal value. Transfer Pricing was introduced through inserting Section(s) 92A-F and relevant Rule(s) 10A-E of the Income Tax ...
How to do Income Tax Audit in India
Section 44AB specifies that certain categories of individuals or businesses require tax audits by a chartered accountant in order to ensure compliance with the laws and to keep fraudulent tax practices in check. Under Section 44AB of the Income Tax ...
Government Audit in India : Applicability & Process
The Comptroller and Auditor General of India is the Constitutional Authority in India, established under Article 148 of the Constitution of India. He is empowered to Audit all receipts and expenditure of the Government of India and the State ...
What is forensic audit in india
A forensic audit is an analysis and review of the financial records of a company or person to extract facts, which can be used in a court of law. Forensic auditing is a speciality in the accounting industry, and most major accounting firms have a ...
Who is liable for Income Tax Audit in India?
What is a Tax Audit? Under Section 44 AB of the Income Tax Act, 1961, the provision of Income Tax Audit is covered. Income Tax Audit is a way to examine an individual’s organization tax returns by any outside agency. Income Tax Audit is done to ...
What is SOX Audit & On Whom is it Applicable in India
A SOX compliance audit is intended to verify the financial statements of the company, and the processes involved in creating them. During the audit, the financial statements and management of internal controls are analyzed and assessed by an external ...
What is Social Audit & its Process in India?
Social Audit is the critical stock taking of any programme or scheme by the community with active involvement of the primary stakeholders. It includes audit of the quality of works being executed at different levels along with the details of ...
How to do Cost Audit in India?
Cost Audit is the process for verifying the cost allocation of each product or Services comprising of labor cost, manufacturing cost or any other item of cost as applicable. Cost Audit is a methodical and reliable verification of the accounts and ...
What is Environment Audit in India
Environmental audits are systematic and objective assessments of the environmental status and performance of properties, facilities, processes, and/or operations. They are a valuable management tool which can be used to identify and assess ...
What are the Tax Compliances Applicable in India?
Any person or business that’s run into trouble with the IRS or had their tax return denied or audited can confirm the critical importance of tax compliance. Overall, tax compliance involves being aware of and observing the state, federal, and ...
Income Tax Compliances for Businesses in India
The deadline to file income tax returns (ITR) for the assessment year 2021-22 is 31 December. Though the income tax (I-T) department has introduced an automated filing system, annual information statement (AIS), and other initiatives to ease the ...
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