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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 […]
Simple Meaning of Revised ITR for Assessees The purpose of a revised return is to correct any omissions or errors made when filing your original ITR. When you file a revised return, you simply file it again with the correct information. You must include details of the original return when filing a revised return. Who […]
Simple Meaning of ITR-U Form Has your ITR ever been misinterpreted or you have forgotten to report an income? Within two years, you can update your Income Tax Return (ITR U) under section 139(8A) of the Income Tax Act. It is calculated two years from the date of filing the original return. Taxpayers were instructed […]
The Central Board of Direct Taxes (CBDT) has notified the JSON scheme for the filing of ITR-7. The Income Tax Department had given the free tax return preparation software on the downloads page that is obedient to the data quality needs. But, there are some commercially available software or websites that provide the return preparation […]
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 can use it to file updated income tax returns for the […]
What is the Amendment Circulated via Govt in Filing GSTR-1 & 3B from 1st Jan 2022? Earlier taxpayers (Supplier) were unable to furnish GSTR-1 or practice the IFF on the GST portal if they had due GSTR-3B filings for the past two months (monthly filer) or for the last quarter (quarterly filer) as per CGST […]
ITR can be furnished in two ways: online and offline. In the traditional method, you can enter all the important information on an online form and submit it. Through the earlier means, one needs to download the subject income tax utility either in excel or JSON format, fill the form, save the changes, generate an […]
The Central Board of Direct Taxes (CBDT) ceased via Excel and Java Version of ITR Utilities mentioning JSON Utility for ITR-1 to ITR-4 for Assessment Year 24-25. By using the offline utilities opt for the assessment year and download Excel or Java or JSON utility. Inside the system, the utility by default will be downloaded […]
What is GSTR 9? GSTR 9 is filed mentioning the complete information of the transactions done by the taxpayer in a particular Financial year. The form is a consolidated annual form and has details of the inward and outward supplies made/received by the taxpayer in the previous year under tax heads like CGST, SGST, IGST […]
