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Tax return filing exhibits a challenge for both individuals and businesses because of the rising intricacy of tax norms. Also, a small error can result in penalties, delayed refunds, or heightened scrutiny from tax authorities. Tax Deducted at Source (TDS) is a common subject of concern, where problems like incorrect Permanent Account Number (PAN) details, […]
Tax Deducted at Source (TDS) is a crucial part of India’s tax collection framework, as it facilitates the collection of tax at the point of income generation. Managing TDS obligations comprises a recurring and crucial responsibility for professionals such as chartered accountants, tax consultants, company accountants, and compliance managers. The process comprises distinct steps: calculation, […]
Tax Deducted at Source, or TDS, is a crucial requirement for employers and businesses in India. It is the method by which taxes are collected when people earn money, ensuring that the government receives its share within a specified time. Manual tracking of TDS is time-consuming and requires a significant amount of effort. It is […]
The Income Tax Appellate Tribunal (ITAT) Mumbai Bench has recently ruled that the Assessing Officer (AO) must provide the assessee with the full Tax Deducted at Source (TDS) credit amounting to ₹14,78,140 for the Assessment Year (AY) 2011–12. This decision highlights the importance of correctly applying TDS credits in tax assessments. According to the Tribunal, […]
In India, managing taxation and compliance is one of the most difficult tasks of running a business. Tax Deducted at Source (TDS) is the main component of the income tax system among these compliance duties. Penalties and interest will be charged for minor errors like late payments, delayed filings, or incorrect deductions. Here, the technology […]
A Mumbai-based taxpayer was in trouble when it was discovered that the TDS credit of Rs 96 lakh (96,12,846) was missing from his Form 26AS. He gets a tax notice demanding Rs 1 crore, which includes interest under Sections 234B and 234C, even after reporting the related income in his ITR and filing the required […]
The Bombay High Court has ruled that interest earned on fixed deposits and TDS refunds related to business activities are eligible for deduction under Section 80IA of the Income Tax Act. This decision provides clarity on the classification of these income types in the context of tax deductions. Tax incentives for businesses are being given […]
The business can effectively manage its taxes using payroll software, particularly when it comes to TDS (Tax Deducted at Source). The software streamlines tax calculations, manages employee salaries, and handles various deductions. Form 24Q and Form 16 are the types of paperwork that payroll software navigates, sending reminders or automating payments to ensure due dates […]
The ITAT Ahmedabad bench set aside the taxpayer’s deduction claim for a donation made to an unapproved scientific authority in a recent ruling. Parag Dave, the taxpayer, has the business of testing soil, building materials, conducting survey work, etc. The taxpayer on 26.09.2017 has submitted his income return specifying a total income of Rs 56,55,070. […]
