# taxcomplianc
12 posts in `taxcomplianc` tag
Compliance with Section 206C(1H): A Must for Specified Persons
The Income Tax Act's Section 206C(1H) requires tax deduction at source, or TDS, on specific income kinds that are credited or paid to non-residents. Certain entities, including corporations, co-ops, and government agencies, must deduct TDS from certain types of revenue, including interest, rent, royalties, and technical service fees. TDS is normally present at a rate of 20%, though specific circumstances may cause this to change. Interest and penalties may be incurred for breaking Section 206C(1H) regulations.
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By Krishna
GSTR-3B Revisions and Input Tax Credit (ITC) Reporting
Input Tax Credit (ITC) reporting is now subject to additional limitations as a result of the most recent GSTR-3B modifications. An extensive examination of the modifications, ramifications, and recommended strategies for compliance can be found in this blog article. To reduce the possibility of receiving notices and fines, become familiar with the updated GSTR-3B format and make sure that ITC reporting is accurate.
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By Krishna
A Complete Guide to Understanding Income Tax Notice Under Section 142(1)
This blog post provides a comprehensive guide to Income Tax Notice Under Section 142(1), including its purpose, when it is issued, and how to respond to it. It also covers the consequences of non-compliance and provides tips on how to safeguard yourself from penalties
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By Krishna
GST Amnesty Scheme August 2024: A Golden Opportunity for Taxpayers
The GST Amnesty Scheme 2024 is a one-time opportunity for taxpayers to appeal against GST demand orders issued on or before March 31, 2023. This blog post provides a comprehensive guide to the scheme, including its benefits, eligibility criteria, and preparation requirements. It also highlights the issues and challenges that taxpayers may face while availing the scheme.
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By Krishna
CBDT's Latest Update on Income-Tax Clearance Certificate: What It Means for You
The Central Board of Direct Taxes (CBDT) has issued a clarification on the Income-Tax Clearance Certificate (ITCC), specifying the circumstances under which an individual is required to obtain one. This blog post breaks down the CBDT's clarification, explaining who needs an ITCC, when it's required, and the procedure to obtain one.
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By Krishna
Understanding Scrutiny Assessment under Income Tax Section 143(3) - A Comprehensive Guide
This blog post provides a comprehensive guide to Scrutiny Assessment under Income Tax Section 143(3), including its purpose, time limit, notice, and hearing process. It helps taxpayers understand the importance of complying with the income tax laws and avoiding penalties.
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By Krishna
Section 148 of Income Tax Act: A Comprehensive Guide to Reassessment, Reply, and Avoidance
This blog post discusses the idea behind Income Tax Notice Section 148, the ITR reassessment, and offers tips for avoiding tax notices. It addresses the deadline for releasing a notice, how to reply to one under Section 148, and other considerations. The purpose of this post is to inform taxpayers about the significance of adhering to tax regulations and preventing tax notices.
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By Krishna
Taxman Comes Knocking: High-Value Transactions in Focus
The Income Tax Department's heightened emphasis on high-value transactions is examined in this blog post. It looks at the motivations behind this decision, how it will affect people and businesses, and risk-reduction tactics.
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By Krishna
Interpreting Section 139(9): A Comprehensive Guide to Managing Inaccurate Return Notifications
This blog post provides a comprehensive guide to the notice for defective return under Section 139(9) of the Income-tax Act, 1961. It covers the reasons for issuing a notice, the process of notice, consequences of receiving a notice, and tips on how to avoid receiving a notice.
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By Krishna
Tax Audit Applicability Guide
This blog post provides a detailed guide to tax audit applicability under the Income-tax law, including the criteria, exemptions, and penalties. A comprehensive chart is included for easy reference, making it a must-read for taxpayers and tax professionals.
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By Krishna
Understanding Section 119 of the Income Tax Act: A Lifeline for Taxpayers
This blog post provides a detailed guide to Section 119 of the Income Tax Act, including its significance, guidelines for accepting or rejecting applications, monetary limits, and authorities responsible for dealing with these applications. It's a must-read for taxpayers and tax professionals looking to understand the intricacies of the Income Tax Act
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By Krishna
CBDT's Relaxation of TDS/TCS Provisions
The Central Board of Direct Taxes (CBDT) has introduced a relaxation in Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) provisions for cases where the deductee or collectee has passed away before linking their Permanent Account Number (PAN) with Aadhaar. This relaxation provides relief to family members and heirs of deceased taxpayers who may be facing difficulties in obtaining the refund of excess TDS or TCS deducted or collected. In this blog, we will delve into the details of this relaxation and its implications on taxpayers.
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By Krishna