A net worth certificate is a financial document that provides a snapshot of an individual’s or organization’s financial status at a specific point in time. It summarizes assets and liabilities to calculate net worth, which is a crucial figure for various financial activities. A net worth certificate is typically prepared by a Chartered Accountant (CA)… Continue reading Get Same Day Net Worth Certificate for Loans, Visas, and Investments
A Net Worth Certificate is an important document often required for visa applications, particularly for those applying for student or business visa. The basic outline of what you need to include: 1. Header Your Name Address Contact Information Date 2. To Whom It May Concern A formal greeting stating that the certificate is being issued… Continue reading How to Obtain Net Worth Certificate for Visa Applications Processing in India
Applicability: The scheme shall come into force from 01.10.2024. Definitions: Appellant: means (i) a person in whose case an appeal or a writ petition or special leave petition has been filed either by him or by the income-tax authority or by both, before an appellate forum and such appeal or petition is pending as on… Continue reading Settle Tax Disputes Efficiently with Direct Tax Vivaad se Vishwas Scheme, 2024
What is a Net Worth Certificate? A net worth certificates is a document that outlines an individual’s or a business’s total assets and liabilities to determine their net worth. It provides a snapshot of financial health by calculating the difference between what is owned and what is owed. This certificate is crucial for assessing financial… Continue reading Net Worth Certificates: Vital for Visa Applications and Loan Approval
Tax audits are designed to ensure that taxpayers adhere to the tax laws and regulations set by the Income Tax Department. These audits are important for maintaining the integrity of the tax system, preventing tax evasion, and enhancing transparency in financial reporting. This article provides an in-depth analysis of tax audits in India, covering their… Continue reading Guide to Applicability of Income Tax Audit: Process, Laws, and Implications
Person carrying on business to get his accounts audited if his total sales, turnover, etc., exceeds the specified amount [Section 44AB(a)]: Every person carrying on business shall if his total sales, turnover or gross receipts, in business exceed ₹1 crore in any previous year, get his accounts of such previous year audited by a “Chartered… Continue reading Tax Audit Under Section 44AB of Income Tax Act, 1961
The Income-tax Act sets distinct deadlines for Summary Assessment, Scrutiny Assessment, Best Judgment Assessment, and Income Escaping Assessment. If an assessment isn’t finalized within the specified timeframe, it becomes time-barred. Let’s explore the time limit for issuing a notice under Section 148 of the Act after recent changes in Budget 23 July 2024. Time Limits… Continue reading Understanding the New Time Limits for Income Tax Notice Issuance Under Section 148
In India, the process of filing Income Tax Returns (ITR) is most important compliance for taxpayers. All the assessee such as individual, company, or entity that earns a taxable income must file an ITR annually. However, while filing ITR, many taxpayers inadvertently make errors or omissions in their tax returns, which result in classification of… Continue reading How to Rectify Defective ITR in India: Expert Guidance by Taxcellent’s CA Services
1. Introduction to Defective Returns A defective return is an income tax return (ITR) which has already been filed but it contains various errors or mistakes, making it non-compliant in relation to requirements stipulated under the Income Tax Act. These errors may arise due to various reasons, such as wrong information, missing data entry, or… Continue reading What is Defective Return and How to Rectify the Defects in Defective Return
The Goods and Services Tax (GST) has been a major reform in the Indian taxation system. Introduced on July 1, 2017, GST merged various indirect taxes into a single, unified tax, streamlining the taxation process. For operating businesses in India, GST registration is not just a legal requirement but a necessity these days. 1. Introduction… Continue reading GST Registration in Delhi: Essential Insights and Benefits
We have launched a range of Chartered Accountants Services for families along with a complete income tax filing product suite covering ITR-1 to ITR-7. With the launch of our families division, we aim to help millions of Indians with financial literacy, compliance and investment.
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