# compliance
12 posts in `compliance` tag
The Importance of Maintaining Books of Accounts for Income Tax Purposes in India
Maintaining accurate and up-to-date books of accounts is essential for income tax compliance and financial management. This article explores the importance of maintaining books of accounts for income tax purposes, including the benefits, legal requirements, and best practices for record-keeping. By following best practices for record-keeping, businesses can ensure compliance with income tax laws and regulations, improve financial transparency, and make informed decisions for growth and success.
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By Krishna
Crucial Update: Deadline for Submission of Statement of Financial Transactions (SFT)
This update highlights the critical deadline for submitting the Statement of Financial Transactions (SFT). It emphasizes the importance of adhering to this deadline to comply with regulatory requirements.
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By Krishna
Penalties and Fines for Late Filing of Income Tax Returns
Failing to file income tax returns on time in India can result in significant penalties and legal consequences. This article details the penalties based on income levels and taxpayer categories, such as salaried individuals, companies, self-employed individuals, and senior citizens. It also covers factors affecting penalty amounts and offers tips to avoid penalties, emphasizing timely compliance, accurate record-keeping, and seeking professional help if necessary.
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By Krishna
Understanding Goods and Services Tax (GST) for Freelancers
This guide simplifies the essentials of Goods and Services Tax (GST) for freelancers in India, highlighting its importance for compliance and tax benefits. It covers GST basics, applicability, registration, invoicing, and return filing. We also discuss benefits like Input Tax Credit and penalties for non-compliance. Follow this guide to streamline your tax obligations and focus on your freelance work with confidence.
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By Krishna
Section 194N: Cash Withdrawal TDS Explained
This blog provides an in-depth explanation of Section 194N of the Income Tax Act, which mandates TDS on cash withdrawals exceeding specified thresholds. Introduced to promote digital transactions and curb black money, Section 194N impacts individuals, businesses, and other entities. Learn about its applicability, thresholds, rates, calculation methods, operational mechanisms, and the implications for account holders. Stay informed and manage your cash withdrawals efficiently with a thorough understanding of this important tax provision.
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By Krishna
May 2024: Complying with Income Tax and GST Deadlines
Highlights upcoming deadlines for income tax compliance and GST filing. It emphasizes the need for prompt action to avoid potential penalties and legal issues.
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By Krishna
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Understanding GST Suo Moto Cancellation Penalty in India
This article explains what GST Suo Moto Cancellation is and the penalty levied on taxpayers whose GST registration is cancelled by the tax officer. It also highlights the importance of complying with GST regulations and maintaining proper records to avoid the penalty. The article concludes with tips on how to avoid the GST Suo Moto Cancellation Penalty.
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By Krishna
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Demystifying Section 194J: A Comprehensive Guide to TDS on Professional and Technical Fees in India
Explore the essentials of TDS on professional and technical fees in India under Section 194J. Our simplified guide breaks down the complexities, covering applicability, calculation, and compliance requirements. Gain clarity and ensure smooth financial management.
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By Krishna
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CBTD Extends Registration: What You Need to Know
In this blog post, we'll discuss the recent extension of CBTD's registration and provide you with all the essential details you need to know. Whether you're a current or potential registrant, this post will give you insights into the latest updates and changes to CBTD's registration process.
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By Krishna
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Relief for TDS/TCS Deductors: PAN-Aadhaar Linkage Deadline Extended Till May 31st, 2024
Good news for TDS/TCS deductors! The deadline for linking PAN with Aadhaar has been extended until May 31st, 2024. This extension provides relief and ensures compliance with tax regulations. Stay informed and avoid penalties by understanding the implications of this extended deadline
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By Krishna
Show Cause Notice Under GST? Don't Panic, Here's Your Guide!
This blog explores the significance of Show Cause Notices under the Goods and Services Tax (GST) regime and provides actionable steps for businesses to respond confidently.
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By Krishna
Taxman on High Alert: CBDT Cracks Down on Evasion with Transaction Reporting
In a move to strengthen tax compliance and curb evasion, the Central Board of Direct Taxes (CBDT) in India is mandating "reporting entities" like banks, fintech companies, and property registrars to submit details of all high-value transactions conducted during the financial year 2022-23. This blog post explains what this means, who it affects, and why the CBDT is taking this step.
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By Krishna