Blogarama: The Oldest Blog Directory

It outlines the criteria for tax audit requirements for businesses, professionals, and other entities. Additionally, it highlights the penalties imposed for failing to comply with tax audit… Read More

The last date to link PAN with Aadhaar has expired on June 30, 2023. However, not all PAN holders are required to link their PAN with Aadhaar. Certain individuals are exempted from doing it… Read More

Revised Income Tax Return (ITR) Filing for AY 2023-24: To err is human. Taxpayers also make mistakes while filing their Income Tax Returns. This year is also no exception. These mistake… Read More

As the last date for fling income tax return (ITR) 31 July is nearing, many taxpayers are yet to file their IT returns. But for those who have already filed their ITR, the income tax departm… Read More

Income Tax Department introduced a mobile application called ‘AIS for Taxpayers’ in March this year to provide taxpayers with easy access to their information. As the deadline f… Read More

E-invoicing has become a significant aspect of GST compliance in India. With the latest notification, there are new rules for E-invoicing applicability from August 2023. This article provide… Read More

When an unregistered supplier becomes liable for GST registration, they can claim Input Tax Credit (ITC) on inputs held in stock and semi-finished or finished goods. This guide provides a st… Read More

Corporate NPS (National Pension System) offers a strategic tax planning opportunity for employers to benefit their employees with a diverse superannuation portfolio. In this article, we expl… Read More

Combined Study of Section 115C, 115D,115E, 115F & 115H of the Income Tax Act Applicable to Non Resident Indian (NRI) The Special provisions of the Income Tax which are applicable to Non… Read More

It is essential for taxpayers to be aware of the consequences of missing the Income Tax Return (ITR) filing deadline. The Income Tax Act, 1961, under Section 234F, imposes penalties on indiv… Read More

GSTR 2A reconciliation is a crucial process that helps different types of businesses to match the invoices and identify if there is any discrepancy. The process of GST reconciliation primari… Read More

The Stand-up India Scheme, launched by the Government of India in 2016, is an innovative initiative aimed at promoting entrepreneurship among women and marginalized sections of society. This… Read More

Double taxation, a concept where the same income is taxed twice, often results in a heightened overall tax liability. This taxing process can either occur on a juridical or economic basis, a… Read More

GST Rule 86B introduces restrictions on the utilization of the electronic credit ledger balance for tax liability payments. Taxpayers with a turnover exceeding INR 50 lakhs (excluding zero-r… Read More

There are instances where assessee fail to deduct or short-deduct the TDS on certain payments. Non-Deduction or short deducted results in the assessee being labelled as “Assesse in Def… Read More

DRC-01C- Manner of dealing with mismatch of ITC in GSTR-2B/3B and Introduction of DRC-01C (Rule-88D) In recent months, numerous discrepancies have arisen where more credit has been claimed i… Read More

Giving and Receiving gifts are an integral part of India’s cultural heritage and are often treated as a token of love, gratitude and appreciation. The Income Tax of India imposes taxes… Read More

The details of GSTR-2A, GSTR-2B, and GSTR-8A, and how the discrepancies between these forms can lead to issues for taxpayers. 1. GSTR-2A GSTR-2A is an auto-generated statement of inward sup… Read More

A. Criteria for Business Owners: 1. Gross Receipts or Turnover: Does your Gross Receipts or Turnover exceed Rs. 10 Crore? If Yes, Tax Audit is applicable. If No, proceed to the next question… Read More

MSME, an acronym for Micro, Small and Medium Enterprises, encapsulates a sector that’s synonymous with growth, innovation, and dynamism in India’s economy. Also known as Small Sc… Read More

Taxes play a crucial role in a nation’s development, and ensuring their proper collection is a top priority. Income Tax Audit, a term that might sound daunting, is an essential tool in… Read More

Input Tax Credit (ITC) serves as a crucial component within the Goods and Services Tax (GST) regime, playing a role similar to the tax deducted at source in Income Tax. Despite its significa… Read More

Filing Income Tax Returns (ITRs) is a crucial responsibility for taxpayers to fulfill their obligations and contribute to the nation’s growth. Once taxpayers have completed the process… Read More

In a turn of events that's sending ripples throughout the tech and finance sectors, BlackBerry Ltd (NASDAQ:BB), once a titan in the world of business smartphones, has reportedly caught the a… Read More

In a significant move aimed at providing relief to taxpayers and simplifying compliance procedures, GST Council Meeting has recommended in its 50th Meeting the extension of several crucial a… Read More

The Tax Audit is a comprehensive examination of an individual’s or business’s financial and tax details, ensuring compliance with the Income Tax Act, 1961. Essentially, it seeks… Read More

PAN serves as a crucial identification tool for various financial transactions and is used to track taxpayers and their financial activities. PAN cards are required for several purposes, inc… Read More

What is ITR U? ITR U is the updated income tax return form introduced by the Government of India in the Union Budget 2022. It allows taxpayers to update their income tax returns within 24 m… Read More

Goods and Services Tax (GST) in India aimed to streamline tax collection and enhance compliance. However, the current system suffers from multiple glitches that are both harsh and unjust for… Read More

Tax sleuths have sent intimation notices to about 22,000 taxpayers for the assessment year 2023-24, including salaried individuals, HNIs, trusts, and Hindu Undivided Families (HUFs) because… Read More

In accordance with Section 44AB of the Income Tax Act, 1961, specific taxpayers must perform an audit of their financial records for income tax purposes. The deadline for submitting the inco… Read More

Filing income tax returns (ITRs) is an essential annual ritual for individuals and businesses alike. However, the Income Tax Department faces several challenges in processing ITRs, leading t… Read More

In order to verify accuracy and conformity with tax rules, a tax authority (such as the Internal Revenue Service in the United States) will formally examine a taxpayer’s financial reco… Read More

The sale of an inherited property may result in capital gains that are subject to tax, and the owner of the inherited property is responsible for paying the tax at the appropriate rate. Long… Read More

Tax Audit by LLP Objective An LLP’s tax audit largely checks the completeness and quality of the financial and tax-related data disclosed in the LLP’s tax returns. Ensuring confo… Read More

The government on Monday gave businesses some comfort by extending the deadline for filing income tax returns by one month, to November 30. In addition, the deadline for businesses that need… Read More

1. Section 44AD Although it was created with the noble aim of relieving small business owners of the burden of maintaining books of accounts in accordance with provision 44AA and tax audits… Read More

The Income Tax Act’s Section 44ADA offers a special Presumptive Taxation Scheme (PTS) designed specifically for professionals. For qualified professionals, this program makes tax calcu… Read More

A detailed examination of the financial records of a company or a professional, such as a doctor, lawyer, or chartered accountant (CA), constitutes an income tax audit. specific taxpayers wh… Read More

Small and medium-sized businesses, the backbone of the Indian economy, are crucial to export, GDP, job creation, and inclusive growth. They may believe that the cost of compliance has increa… Read More

To make things clearer, let’s dive into the key points you need to know when it comes to deciding between the New and Old Tax Regimes and how revisions to your tax return are affected… Read More

New angel tax regulations, which include a system to evaluate the shares issued by unlisted firms to investors, have been made known by the Income Tax Department. The Income-tax Act of 1961… Read More

A large increase in India’s entrepreneurial spirit has been observed in recent years, in part due to the government’s proactive efforts to promote innovation and economic growth… Read More

You can seek restoration by filing Form GST REG-21 after 30 days of receiving the cancellation notice if your GST registration has been canceled with the help of the authorities. Revocation… Read More

Educational Purposes If the amount being sent is less than Rs 7 lakhs, there is no Tax Collection at Source (TCS) applied to international transfers made for educational purposes. However, a… Read More

If you fail to record any foreign stocks or other assets you own on your income tax return (ITR), it might cost you a lot of money. For breaking the 2015 Black Money Act, a person could be h… Read More

For GST taxpayers, the month of October 2023 is essential since it is the last month to make adjustments for any accidental errors or real faults made while filing the GST returns for FY 202… Read More

Non-Banking Financial Companies (NBFCs) are essential in helping businesses with their finances. Many firms may not be aware, meanwhile, that interest payments made to NBFCs are subject to T… Read More

File a BELATED income tax return if you missed the deadline. In India, the Income Tax Return (ITR) filing season is an annual event that requires tax payers to provide the government with th… Read More

Amnesty Scheme for filing of appeals against demand orders where appeal could not be filed within the allowable time period a. To permit the filing of an appeal against a demand order issued… Read More

It can be difficult to manage reporting requirements for Micro, Small, and Medium-Sized Enterprises (MSMEs). Understanding the nuances is essential as the October 31st MSME deadline draws ne… Read More

In order to minimize their tax obligations, employees commonly seek or employers offer a breakdown of their salary, which permits them to avail exemptions when computing their earnings categ… Read More

Through the Union Budget 2020–21, the Indian government implemented a new tax system under Section 115BAC of the Income Tax Act, 1961. In comparison to the previous tax system, the new… Read More

Clarification on a number of matters pertaining to the Indian exporter’s place of supply as of 1/2010/23 Novel RCM Relevant: The Indian government implemented a new reverse charge mech… Read More

Over the years, a number of incentives and perks have been offered in an effort to support the International Financial Services Centre (IFSC) and draw in international financial institutions… Read More

The Income Tax Department is aware of some high-value transactions that, if disregarded, could put you in trouble with the law. Tax authorities keep a careful eye on a range of cash-related… Read More

The Hindu Undivided Family Act is a special kind of corporate identity that is exclusive to India. Through the HUF Act, Hindus can save money on taxes. However, the Hindu Undivided Family Ac… Read More

A simplified method for calculating the income of specific qualified enterprises is provided by Section 44AD of the Income Tax Act of India. It is largely directed towards professionals, sma… Read More

The term “Angel Tax” describes a divisive topic in the Indian startup scene. The rules under Section 56(2)(viib) of the Income Tax Act, 1961, which permitted tax authorities to e… Read More

Section 194R, which deals with the tax deduction on advantages or perks related to enterprises or professions, was created by the Finance Act of 2022. Companies, corporations, or entities fr… Read More