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
Assessment under section 143(3) of the Income Tax Act, 1961, also known as scrutiny assessment is initiated, when the Assessing officer or Income tax authority deems it necessary to conduct an audit after examining the income tax return and other relevant documents furnished by the taxpayer. Scrutiny assessment under Section 143(3) is carried out to… Continue reading Understanding Section 143(3): A Guide to Income Tax Assessment
Section 133(6) of the Income Tax Act, 1961 (“hereinafter referred to as Act”), provides powers to income tax return authorities to issue notices to any person, requiring them to furnish relevant information or documents in relation to any ongoing assessment or investigation of a taxpayer’s case. These notices work as a mechanism for the tax… Continue reading Notice Under Section 133(6) Of Income Tax Act, 1961
Tax Deducted at Source (TDS) is an important mechanism employed by the government to collect taxes at the source when any income is generated. While TDS on salary is appreciatory recognized, TDS on non-salary income is also very significant, which includes various sources such as interest, dividends, professional fees, contracts, and rent. Basic Understanding TDS… Continue reading Demystifying TDS Returns: A Comprehensive Guide for Non-Salary Income in Delhi
1. Tax Deducted at Source Tax Deducted at Source (TDS) is an important component in Indian taxation system, which is designed to ensure the collection of taxes at the different source of income. In all the sources of income, salary income holds important aspect, both for individuals and the government. TDS on salary plays an… Continue reading A Comprehensive Guide to TDS Returns for Salary Earners and Employers
Establishing a private limited company is undoubtedly one of the turning points in every entrepreneur’s career. That is a journey to the land of legal creatures, both offering opportunities and ensuring safety through limited liability. We will now explore the details of the procedure of private limited company registration in Delhi, highlighting the elements particular… Continue reading Unlocking the Path: Private Limited Company Incorporation Demystified
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