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This article will aware of the TDS claim process if credit is not reflected in 26AS, AIS and TIS forms. There is Section 205 of the Income Tax Act of 1961 that gives you rights in certain situations. For example, if you are paying 60% tax on your income but your adequate tax liability is […]
The deadlines for a number of financial duties are approaching as the current fiscal year comes to a conclusion on March 31. By March 31, 2023, all deadlines will end, including those for tying PAN to Aadhaar, paying advance tax, and submitting updated Income Tax Returns (ITR). If you miss these deadlines, you will have […]
Under the Indian GST Act, assessment is a crucial step in the process. It deals with confirming and figuring out a taxpayer’s tax liability. The GST authorities perform assessments under the GST to make sure that taxpayers are adhering to the Act’s requirements and paying the right amount of tax. Self-assessment is used in the […]
Brief About Fund Flow Statement Fund flow refers to the overall flow of funds within a business, which encompasses the operational capital of that business. In a fund flow statement, the changing net working capital of a company is shown for a specified period. It can be used to assess a company’s financial standing and […]
Tax deducted at Source (TDS) and Tax Collected at Source (TCS) are the most popular methods of tax collection. To guarantee correct adherence to the tax regulations, it is crucial to recognize the difference between TDS and TCS under the Income Tax Act 1961 since these are some big ones. Let’s get into it in […]
Under Section 129 the GST department was legally allowed to charge a penalty, the Calcutta High court stated, including the SGST since the goods uncovered to be detained in the state’s territory. The bench of Justice Bibek Chaudhuri revealed the statutory authority can detain the vehicle and seize the goods as they are empowered under […]
The people who have undergone the investigation through the income tax department in the former year shall not able to furnish the updated tax returns. Before that, the individuals or businesses who have gone with the investigation in the related fiscal year and the former year cannot furnish the updated tax return, as proposed. Quoting […]
GST CMP-08 is the statement that dealers registered under the Composition Scheme use to report their self-assessed tax liability. It provides information on taxes owed for sales and purchases (subject to the Reverse Charge Mechanism) and has replaced Form GSTR-4. Composite Dealers are required to file CMP-08 Return every quarter through the GST Portal. They […]
Extracts from the GST-related amendments that were included in the Finance Bill for 2023 (Budget 2023-24), which Union Minister of Finance Mrs Nirmala Sitharaman submitted to the Loksabha on February 01, 2023. Except for those in clause 142, modifications proposed in the Finance Bill, 2023 will go into effect on the date they are announced, […]
