Applicability of CARO 2016
In this article we have discussed Applicability of CARO 2016.Companies Auditor's Report Order is applicable as per subsection of section 143 of companies act 2013.This statement is required to be…
Interest and remuneration to partners as per Income Tax Act 1961
In this article we have discussed Interest and remuneration to partners as per Income Tax Act 1961.People are usually confused regarding income tax provision relating to payment of remuneration and…
TDS u/s 194C on payment to transporter
Huge amount of payment is made regularly by business to transporters. Due to huge payment there are chances of mistakes. Non deduction of TDS u/s 194C on payment to transporter…
Accounting for Income tax provision
Financial year has ended but yet due to COVID some accounting entries may be pending.Today we are covering important entries covering accounting for income tax provision, TDS and Advance tax.…
Revise ITR filed by mistake
Assessee who filed Income Tax Return by mistake can file revise revise ITR filed by mistake under section 139(5) by the end of relevant assessment year or before the assessment…
Apply for GST cancellation
GST is most trending tax topic.Many business users might have taken voluntary registration though not liable for GST.After taking registration people are worried apply for GST cancellation and to surrender…
Income Tax deduction for house rent
Huge amount of house rent are paid by many employees.Due to lack of knowledge about deduction people fail to take benefit of deductions available under Income Tax Act 1961. Deduction…
Short term capital gain on sale of equity shares
Short term capital gain on sale of equity shares means gain arising on sale of equity shares held for less than one year is taxable at 15% under section 111A…
TDS on sale of property
TDS on sale of property is required to be paid at 1% on amount of consideration payable on sale of property(Other than agriculture land) worth Rs.50 lakh or more to…
NIL TDS return declaration
When tax is not deducted declaration may be to be filed on Traces website and thus no TDS return is required to file under section 200(3) of Income Tax Act…
GST compliance checklist
People are usually worried about GST compliance. For running business GST compliant today we have provided GST compliance checklist for business to avoid any mistake in GST.We have tried to…
Acceptance or repayment of loan in cash
People are usually taking loans or deposits to run their business but should take care in acceptance or repayment of loan in cash.Hence many a times loans or deposits are…
7 Reasons for Income Tax notices
Income Tax notices can be received due to number of reasons.In this article we will discuss common 7 Reasons for Income Tax notices.People as a responsible taxpayer always try to…
Udyam Registration
Udyam Registration For facilitating smoothness in doing of business goverment has come up with new initiative of Udyam Registration in place of existing Udhyog aadhar MSME registration. This initiative is…