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
1. Introduction Short term capital gain on sale of equity shares arises when listed equity shares, equity-oriented mutual fund units, or business-trust units are sold within 12 months of…
TDS on sale of property
TDS on Sale of Property under Section 194-IA – Meaning and Scope The term “TDS on sale of property” means tax that must be deducted at source by the buyer…
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
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 believed to…
Taxation of professional fees of doctors
Doctors are most busiest professional. They are believed to be top 10 earner in the economy.As doctors are busy so they don't get time for referring Income Tax provisions.Hence in…
School Fees Deduction Under Income Tax Act 1961
Huge amount is incurred tuition fees expenses of the children by parents. Tax deduction is available under income tax for amount paid of tuition fees under Income Tax Act 1961…