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Definition of an ITR XML File The XML format is a file format which allows you to upload information more easily when you convert offline forms into them. Data will be easily uploaded to the ITD’s online repository after the XML file has been uploaded. Required Legal Documents for the ITR Filing The first thing […]
Simple Definition of the Form 15CA Form 15CA declares that a tax has been deducted from the payment made to an NRI. Instead of leaving the NRI taxpayers to file and pay income tax papers, this helps the Indian government collect tax efficiently at the time of the remittance. Different Components of Form 15CA Part […]
Simple Definition of Tax Audit Report In certain specified situations, a business or profession may be subject to a tax audit under Section 44AB of the Income Tax Act. Chartered Accountants prepare audit reports after auditing businesses’ books of accounts in practice. In a Tax Audit, a CA ensures that the books of accounts are […]
N K Singh, Chairman, of Fifteen Finance Commission, mentioned that the concern about the effective operation of the GST council could be repeated in the other sectors of the Indian economy, such as agriculture, the social sector, and the economy with digital links. The participation of the Indian states is essential to meet India’s net […]
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the amended return furnished is not amounting to the non-filing of the return and the refusal of a lower tax rate under section 115BAA of the Income Tax Act,1961 is not correct. The taxpayer, M/s.Ujjivan Small Finance Bank Limited is a small finance […]
Here we have provided complete notifications related to the Income Tax and TDS provisions as per the official government laws. We include all the latest updates in Income Tax and TDS, news, amendments, and circulars on the government portal for your reference. Introduce of Income Tax Income Tax is the tax levied by the government […]
As per norms u/s 206C of the Income Tax Act 1961, it is a prime requirement for a certain category of sellers to collect TCS from a certain category of buyers at the rates prescribed by the government. On failure to collect the TCS from specified buyers, the sellers are liable to pay a huge […]
Initiated on 1 September, the Budget 2019 is all set to lead the way in tax proceedings. Amendments introduced in the 2019 Budget by Finance Minister Nirmala Sitharaman will have many effects but what strikes directly to the common man is Tax Deducted at Source (TDS). Below are the four major amendments related to TDS […]
An individual needs to be very cautious while filing returns as any incorrect information furnished in returns may get you penalized by the tax authorities or even put you behind bars. The Income Tax Department can impose a penalty of up to 200% on you for filling in incomplete information in ITR. Most salary-class people […]