# taxcompliance
12 posts in `taxcompliance` tag
Section 194R of the Income Tax Act: A Complete Guide
The Income Tax Act's Section 194R, which addresses the tax deduction at source (TDS) on payments made to resident contractors or professionals, is covered in detail in this blog. It goes over the main points of the section, such as the tax rate, exemptions, threshold amount, and penalties for not complying. The blog also gives advice on how to ensure compliance and offers insights into the real-world applications of Section 194R.
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By Krishna
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Tax Audit for Transfer Pricing: A Guide for FY 2023-24
This blog article offers a thorough overview of tax audit for transfer pricing in India. It addresses the fundamentals of transfer pricing, who must file a tax audit report, important report components, and ways to guarantee regulatory compliance. This post is a must-read for organizations with foreign transactions or specific local transactions as the deadline of October 31, 2024, draws near.
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By Krishna
New TDS Rates for FY 2024-25 and AY 2025-26: A Simplified Explanation
With effect from October 1, 2024, the updated TDS rates for FY 2024–25 and AY 2025–26 have been released. This blog discusses the effects on people and businesses and offers a comprehensive graphic of the updated TDS rates. To guarantee compliance with tax laws and to capitalize on the advantages provided by the new rates, it is imperative that individuals and corporations comprehend the revised TDS rates and their ramifications.
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By Krishna
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September 2024 important Income Tax Deadlines: Continue to Comply and Avoid Penalties
For taxpayers and tax experts, September 2024 is a crucial month because it has multiple important income tax deadlines. This blog offers a thorough summary of all important deadlines, ranging from TDS/TCS deposit and certificate issuing to advance tax payment and filing tax audit reports. This handbook guarantees that you remain compliant and keep out of trouble with a convenient chart for easy reference. It is essential for efficient tax management, regardless of whether you are an individual taxpayer or a business owner, to comprehend these deadlines.
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By Krishna
A Complete Guide to the Amendments to the Income Tax Act of 1961 to the Finance Act of 2024
An extensive overview of the changes made to the Income Tax Act of 1961 by the Finance Act of 2024 may be found in this blog article. It discusses the main adjustments, their effects on taxpayers, and the new tax system, tax rates, deductions, and exemptions.
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By Krishna
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