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With the approaching due date for Income Tax Audit Report filing, taxpayers and their hired professionals are excessively occupied with the task of completing the Income Tax Reports. While some are busy bundling the documents others are struggling to accurately file the compliance. Tax Audit Reports are submitted by taxpayers whose annual turnover is more […]
A company is referred to as a Section 8 Company when registered as a Non-Profit Organization (NPO) i.e. when it has the motive of promoting arts, commerce, education, charity, protection of the environment, sports, science, research, social welfare, religion and intends to use its profits (if any) or other income for promoting these objectives. The […]
Tax Deducted at Source or TDS refers to an advance tax which is deducted from the income or earnings of an individual or an organization before actually crediting the income into the account of an individual or entity, as per the Taxation Code of India. As the name suggests, Tax deducted at source, it is […]
An assessee is responsible to file an Income Tax Return (ITR). Different ITRs have to be filed by different kinds of taxpayers before the due dates. ITR-7 is one of those ITR which is filed by the individuals & companies which fall under section 139(4A) or 139 (4B) or 139 (4C) or 139 4(D). There […]
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 […]
At the point of origin of income, the taxpayers in India have to pay TDS (Tax Deducted at Source) as per the Income Tax Act, of 1961. An amount from the total earnings received by a deductee or receiver is generally withheld by the deductor (person, institution, or organization). This deducted amount is equal to […]
GST is an indirect tax that is collected on all goods and services in India. In the educational sector, there are certain educational courses and training programmes which are devoid from GST since the government is focused on providing education to each and every child in the country. On the flip of the coin, the […]
In the present election scenario, Government is providing relief to the taxpayers. The government will soon start a first track settlement of cases related to refunds which will provide a great level of comfort and relief to the taxpayers. The hearing on the matter of early settlement of the cases related to income tax appeal […]
A new format for Form 16 has been notified by the CBDT (Central Board of Direct Taxes) which is the ‘salary TDS certificate’. This new format will break the tax-exempt allowances in detail which are paid to the employee and apart from this, the entire tax breaks which are claimed by the taxpayers. Salary TDS […]
