1. What is TDS under Section 194J? Section 194J of the Income Tax Act, 1961, states the deduction of tax at source from payments made in relation to professional and technical services, including royalty payments. Under the provision of this section, any person making payments for such services is required to deduct TDS before making… Continue reading The Implication of TDS u/s 194J: How It Impacts Professional Payments in India
GSTR-9 return filing is nothing more than consolidating the monthly returns filed during a financial year. Further, one must file GSTR-9 if they were registered at least for a single day in a financial year. What is the GSTR-9 Annual Return? GSTR – 9 is an annual return that is to be filed annually by… Continue reading Master GSTR-9 Filing with Expert Online CA Services India
A Net Worth Certificate is a document which certifies an individual’s or a company’s total assets and liabilities, thereby determining their net worth. It is required when for applying a loan application in India, especially for businesses or self-employed individuals. How to Obtain a Net Worth Certificate in India Issuance of Net Worth Certificate by… Continue reading Get Net Worth Certificate for Loan Application with CA Services
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
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