Chartered Accountants
Chartered Accountants
In recent weeks, numerous new-economy ventures, particularly in the fintech sector, have been issued income tax notices regarding the venture capital they’ve raised, according to insiders. These notices, issued under Section 68 of the Income Tax Act, lump the investments received by these startups with their earned income, resulting in taxes and penalties imposed on …
The Book Identification Number (BIN) quoting has been termed mandatory for government deductors, who are reporting TDS without payment through bank challans. The BIN is a unique verification key, that is disseminated by the Assessing Officer (AO) to the corresponding DDO should be correctly filled in the TDS/TCS statement, in accordance with the information which is …
Apart from depositing the tax the deductor also has to do TDS return filing. TDS return filing is a quarterly statement that is to be given to the Income Tax department. It is necessary to submit the TDS returns on time. TDS return filing can be done completely online. Once the TDS returns are submitted …
ax Planning is the process of evaluating a financial plan or conditions in relation to taxes in order to achieve the greatest possible tax efficiency by coordinating all of the financial plan’s elements to function efficiently with regard to taxes. A financial plan’s key component is tax planning, which lowers tax obligations and increases contributions …
The Income Tax Department has launched its new e-filing portal on 7th June 2021 to make the routine income tax return (ITR) filing process easier and hassle-free. This is another initiative by the Central Board of Direct Taxes (CBDT) towards providing ease of compliance to its taxpayers and other stakeholders. This new e-filing Portal has various advantages that …
In India, it is mandatory for businesses to have a Tax Deduction Account Number (TAN). This number is issued by the Income Tax Department and is used as a unique identifier for individuals or entities responsible for deducting or collecting Tax at source.It is compulsory to mention the TAN in all TDS returns and on other documents …
The Income Tax Department facilitates taxpayers to track the status of their challan deposits through an Enquiry of Challan Status on TIN-NSDL website. Enquiry of challan status enables the taxpayers to verify whether their tax payments have been properly accounted for in their name. These services can be availed by both taxpayer and banks. Challan Enquiry – …
The Income Tax Act of 1961’s Section 153A specifies the income assessing system that will be used in the case of a searched individual. According to the previously stated clause, the assessor may frame the assessment of the searched individual for a period of six years prior to the search year. One of the issues …
Assessment under Section 153A of Income Tax Act, 1961 Read More »
TDS or Tax Deducted at Source is a way of collecting Income Tax by the Government of India. The TDS mechanism ensures the Government receives income tax from the assesse at the time of transaction – thereby minimizing tax default risk and ensuring timely collection of the tax. TDS or Tax Deduction at Source is …
Amounts gained in exchange for time off that an employee did not use are referred to as “leave encashment.” An employee has the option to cash in accrued leave during their retirement. It is completed either as part of maintaining service or after quitting a job. Every organization has a different leave encashment policy. Some …