Penalties and Consequences of Not Filing Nil TDS Return on Time
Posted Date : 10-Sep-2024 , 01:55:50 pm | Posted By
Ishita Ramani
The government can collect taxes at the source of earnings by using the Tax Deducted at Source (TDS) system. Businesses responsible for filing TDS returns must file a Nil TDS Return even if no TDS is deducted in a certain zone.
To maintain compliance with tax laws and prevent fines, filing this re...
Continue Reading...
Category : Income Tax |
Comments :
1 | Hits : 1400 |
 |
How to Claim and Check TDS Refund Status Online ?
Posted Date : 10-Sep-2024 , 08:31:30 am | Posted By
S.Mahajan
Tax Deducted at Source (TDS) is a system where tax is deducted from income at the time it is generated, such as salaries, interest, rent, and professional fees. The payer deducts the tax and remits it to the government, ensuring a steady flow of revenue and reducing tax evasion. If the tax deducted...
Continue Reading...
Category : TDS |
Comments :
0 | Hits : 1003 |
|
Penalties for Not Obtaining a New GST Registration Number on Time
Posted Date : 06-Sep-2024 , 03:45:11 pm | Posted By
Ishita Ramani
Businesses who engage in specific forms of trade and supply or exceed the established turnover threshold in India are required to comply with the Goods and Services Tax (GST). Getting a New GST Registration Number in the allotted time is a crucial step for organizations. If you don't, you fear serio...
Continue Reading...
Category : GST |
Comments :
0 | Hits : 876 |
|
Impact of New GST Registration Rules on Startups
Posted Date : 29-Aug-2024 , 05:12:44 pm | Posted By
Ishita Ramani
The Goods and Services Tax (GST) in India has fundamentally altered the landscape of taxation, particularly for startups. While GST aimed to unify the tax structure across the country, the government has continuously refined the rules to improve compliance, reduce tax evasion, and simplify p...
Continue Reading...
Category : GST |
Comments :
0 | Hits : 1085 |
|
Income Tax Refund Status - How to Check ITR Refund Status Online?
Posted Date : 28-Aug-2024 , 09:34:12 am | Posted By
S.Mahajan
ITR refund: Tax refund usually takes four to five weeks to be deposited into your account.
Taxpayers can check tax refund status on the income tax e-filing portal, incometax.gov.in. Tax refund usually takes four to five weeks to be deposited into your account. Check emails from the Income Tax dep...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 1198 |
|
Did you get an intimation notice under Section 143(1) ? - What to do if received after filing ITR ?
Posted Date : 23-Aug-2024 , 07:53:00 am | Posted By
S.Mahajan
After an income tax return (I-T return) has been filed, the tax department sends an intimation under section 143(1) to highlight any discrepancy that might arise from a lower tax paid than what was meant to be paid.
In case of a lower tax paid, the tax payer is meant to pay the balance amount and ...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 1180 |
|
Double Taxation Dispute: Assessing Section 41(1) Addition
Posted Date : 12-Jul-2024 , 06:50:28 pm | Posted By
Chetan Singla
In this appeal, the assessee challenges an order dated 11/01/2024 issued by the Additional/Joint Commissioner of Income Tax (Appeals)-4, Chennai, concerning the assessment year 2021-22. The core contention revolves around the addition of Rs. 60,19,934/- under section 41(1) of the Income Tax Act, 196...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 2699 |
|
Navigating Global Markets: PayPal, Razor Pay, and India's GST Refund Landmark
Posted Date : 11-Jul-2024 , 09:07:08 pm | Posted By
Chetan Singla
The rapid growth of Indian businesses leveraging technology has facilitated their expansion into global markets, with many utilizing online payment gateways like PayPal and Razor Pay for seamless international transactions. These gateways allow startups and service providers offering remote services...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 2621 |
|
Only unspent amounts for under construction house would be subject to Capital Gains Tax as per Section 54 of Income Tax Act, 1961
Posted Date : 10-Jul-2024 , 09:22:10 pm | Posted By
Chetan Singla
In the case of Sheela Ramchand Uttamchandani v. ITO [2024] 163 taxmann.com 265 (Mumbai - Trib.), the central issue revolved around the eligibility of Sheela Ramchand Uttamchandani to claim capital gains exemption under Section 54 of the Income Tax Act. Sheela had sold her residential property in Jul...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 2381 |
|
Section 31 of Insolvency and Bankruptcy Code and its Judicial Implications
Posted Date : 09-Jul-2024 , 09:48:02 pm | Posted By
Chetan Singla
Section 31 of Insolvency and Bankruptcy Code, 2016 (IBC) and its Judicial Implications
Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) plays a crucial role in the corporate insolvency resolution process (CIRP), significantly impacting various stakeholders, especially tax authorities....
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 2429 |
|
Tax Implications of Owning Property in Both the USA and India Taxes
Posted Date : 07-May-2024 , 03:19:40 pm | Posted By
Accelero25
Introduction:
Owning property in both the USA and India Taxes can be a strategic way to diversify your assets and potentially connect to your roots. However, this dual ownership presents a unique set of tax challenges. This blog dives into the tax implications for US citizens or residents living ...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 8926 |
|
Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny
Posted Date : 26-Apr-2024 , 08:48:24 am | Posted By
S.Mahajan
Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny.
Large Cash Deposits: Any cash deposit exceeding Rs 10 lakh in a financial year across savings accounts draws the attention of the income tax department. Even if deposits are spread across multiple accounts, t...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 9367 |
|
Advisory on Re-filing of GSTR-3B for some Taxpayers - Re-filing of GSTR 3Bs is now live
Posted Date : 23-Apr-2024 , 08:27:42 am | Posted By
S.Mahajan
The Goods and Services Tax (GST) Department has recently sent out an advisory to specific GST taxpayers about the first chance given to correct errors in their previously filed GSTR-3B forms. This facility was provided due to discrepancies found between the data stored in the GST system and the dat...
Continue Reading...
Category : GST |
Comments :
0 | Hits : 8641 |
|
Can GST Officer Open GST Web Portal for e- Filing upon full compliance?
Posted Date : 19-Apr-2024 , 06:36:11 am | Posted By
S.Mahajan
The Hon’ble Orrisa High Court in the case of Akshya Kumar Sahu v. Commissioner, Central Goods and Service Tax & Central Excise [Writ Petition (Civil) No. 4644 of 2024 dated February 29, 2024] disposed of the writ petition where Mr. Akshya Kumar Sahu (“the Petit...
Continue Reading...
Category : GST |
Comments :
0 | Hits : 8734 |
|
What happens if TDS is deducted by employer but not deposited
Posted Date : 17-Apr-2024 , 08:36:05 am | Posted By
S.Mahajan
At times, employees discover that although their salary has been subjected to Tax Deducted at Source (TDS), their employer has not deposited this tax with the government. A judgment from the Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) highlights that it's the responsibility of the empl...
Continue Reading...
Category : TDS |
Comments :
0 | Hits : 9128 |
|
Delhi Court Sentences 6 (Six) Months Jail for not filing ITR (Income Tax Return)
Posted Date : 13-Mar-2024 , 07:14:25 am | Posted By
CA.Khurana Vivek
Delhi Court Sentences Woman to 6 months Jail for not filing the return of income (ITR) discussed. Accordingly, the accused is held guilty of not filing the return of income for the assessment year 2014-15 under Section 276CC of The Act. Accordingly, the accused is convicted for an offence pun...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 10090 |
|
Bank Branch Statutory Audit Update - Total Number of Bank Branch Auditors Appointed and Total Number of Branches Audited
Posted Date : 11-Mar-2024 , 10:50:59 pm | Posted By
CA.Khurana Vivek
Bank Branch Statutory Audit Update.
Total Number of Bank Branch Statutory Auditors (Category wise) Appointed and Total Number of Bank Branches Audited .
CLICK ON THE LINK TO WATCH COMPLETE VIDEO,,,, https://www.youtube.com/watch?v=yEy0nBKEseM...
Continue Reading...
Category : Bank Branch Audit |
Comments :
0 | Hits : 9371 |
|
Payments to MSME vendors
Posted Date : 22-Feb-2024 , 11:43:25 am | Posted By
ANMOLBOHRA
Corporates, Non-corporates or government department all are procuring major part of services or goods from the MSMEs. There are provision under the Micro, Small, and Medium Enterprises Development (MSMED) Act, to ensure that businesses make payments to MSMEs within a specified time frame, and failur...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 8425 |
|
The Concepts of Turnover, Sales and Gross Receipts
Posted Date : 03-Feb-2024 , 06:52:10 pm | Posted By
ANMOLBOHRA
In the Income tax act, the words “Turnover”, “Gross receipts” and Sales are used at many places. In the common business parlance, the terms sales and turnover are used interchangeably. However, as per Income Tax law, guidelines are available on the question of what constitute...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 10191 |
|
Delay in Making Payment to Micro and Small Enterprises Means Deferred Deduction
Posted Date : 25-Jan-2024 , 07:55:34 am | Posted By
S.Mahajan
Very Important Income Tax Update regarding Micro and Small Enterprises
Section 43B-any amount remains unpaid on year end to creditors, being micro/small entity, beyond 45 days or less, as agreed or 15 days if no agmt, shall be added to taxable Income resulting in huge additional tax l...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 9073 |
|
|
