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A CA needs to have a thorough checklist before issuing and signing off any document to secure your practice and maintain the integrity of your profession. The obligation of a Chartered Accountant to issue the certificates and sign the documents is influential and sensitive. Social media trends show the cases in which the CAs faced […]
Like every year, SAG Infotech brings exclusive discounts on its wide range of software solutions designed for CA professionals and experts. On the occasion of CA (Chartered Accountant) Day on July 1, 2024, the company offers a flat 50% discount on select tax, ROC/MCA, and payroll software, except GST. The company product portfolio includes Genius, […]
In this article, we have explained an overview of accounting systems with their different scopes for individuals and companies. Industries, including trade, business, government, financial institutions, private citizens, and all other sectors are been counted under the accounting. All the activities are been regulated under the concepts of accounting. On the opposite side of the […]
A GST notice worth Rs 23.26 cr for the FY 2018-19 has been received by Zomato from Karnataka tax authorities, the company mentioned in a regulatory filing. The order mandates a Goods and Services Tax payment of Rs 11,27,23,564, including additional interest and penalty charges totalling Rs 23,26,64,271, as per the filing. “According to Regulation […]
The legal matter between TVS Srichakra Limited and DCIT at ITAT Chennai revolves around the disapproval of a deduction under Section 80IC. This disapproval stems from the failure to submit Form 10CCB along with the income return for the assessment year 2016-17. The crux of the dispute lies in the appellant, TVS Srichakra Limited, asserting […]
Payroll management is an important part of the operational procedures of any organization. Payroll entails the calculation and distribution of employee wages and perks. The precision of payroll management is paramount for ensuring employees are satisfied with what they have earned for their efforts at the end of the month. It assists in adhering to […]
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has made a ruling stating that payments made in a compensatory nature should not be considered as interest for the purpose of tax deduction at source (TDS) under Section 194A of the Income Tax Act, 1961. The Assessing Officer (AO) had noticed in the tax […]
The Income Tax Department (ITD) uses various methods to assess income. Initially, taxpayers must declare their income, providing accurate and comprehensive information from different sources like salary, business, house property, capital gains, etc. This declaration facilitates the income tax assessment process. After the taxpayer completes and confirms their return, the Income Tax Department (ITD) takes […]
This post discusses some of the basic effective strategies which are helpful for GST officials. They can be used to prevent input tax credit fraud. This technique provides a complete process for handling and determining possible fraudulent actions related to claiming ITC, which can assure tax compliance and save the integrity of the GST system. […]
