Why Filing ITR Before June 15 is Not a Good Idea When dealing with different income scenarios like dividends, stocks, mutual funds, bonds, and equity shares, brokers and firms could need more time to amend the tax deducted at source (TDS) on Form 26AS. This is another justification for delaying the filing of an ITR …
All about TDS on Rent Payments u/s 194-I, 194-IC, 194IB & 195 Tax Deducted at Source (TDS) on rent involves deducting a certain percentage of tax from the rent payments made to landlords. This mechanism ensures tax collection at the source of income, aiding in timely tax payment and compliance. Section 194-I: TDS on Rent …
What is Differences Between Form 10F & TRC ? What is Form 10F ? Form 10F is a self-declaration form that non-resident assessees fill out to provide specific details required to claim the benefits of DTAA treaties. It includes information such as the assessee’s name, status, nationality, tax identification number, residential status, and the period …
Our Opinions on Challenges with Debt Resolution & Insolvency Code in India The Insolvency and Bankruptcy Code (IBC) has been a game-changer in India’s corporate insolvency landscape, but it has also faced significant litigation challenges. When discussing these challenges, it’s essential to understand the fine balance between maximizing value for lenders and adhering strictly to …
Recent Official Tax Updates from CBDT India (Income Tax + TDS) Introduce of Income Tax Income tax is a form of direct tax levied by the government on the income of individuals and entities. It is a critical source of revenue for the government, enabling it to fund various public services and infrastructure projects, such …
Tax Deducted at Source (TDS) RATE CHART for the FY 2024-25 Q.: How can the TDS be deposited? A corporate assessee and other business assessees are required to pay taxes (including TDS) via internet or debit cards electronically. The deductor must fill in the Challan No. ITNS 281 to deposit the tax. Other deductors may …
How Enhanced Transparency & Compliance Can Be Achieved by using Audit Trail (Edit Log) An audit trail, also known as an edit log or audit log, is a chronological record of activities related to a specific process or system. Implementing an audit trail can lead to increased compliance and transparency in various ways: An audit …
Increasing Use of AI in Accounting & Chartered Accountants Firms The increasing use of artificial intelligence (AI) in accounting, auditing, tax filing, and related tasks is transforming the way financial professionals operate. Overall, the integration of Artificial intelligence technologies in accounting, auditing, tax filing, and related tasks is enhancing efficiency, accuracy, and compliance while enabling …
Compare GSTR-3B & GSTR-1 and understand their significance in the GST regime: GSTR-3B (Summary Return): GSTR-3B is a monthly summary return that contains details of both inward and outward supplies, tax liability, and input tax credit (ITC) claimed by the taxpayer. Unlike GSTR-1, GSTR-3B does not require invoice-level details. Instead, it provides a summarized view …
Financial Forensics and Forensic Audit Techniques Financial forensics and forensic audit techniques are specialized fields within accounting and finance that involve investigating financial transactions, statements, and records to uncover fraud, embezzlement, or other financial misconduct. Here’s an overview of these concepts and some common techniques used in forensic audits: Definition: Financial Forensics: This involves the …