Penalties for Doctors Yes, there are penalties for doctors if they fail to file their ITR on time. The penalties can be significant, so it is important to file your ITR on time. The penalties for late filing of ITR depend on the amount of tax due and the reason for the delay. The… Read More »
Dedline of Tax Audit Report for School The dedline of tax audit report for school, colleges, universities, and professional schools in India typically falls on September 30th of the assessment year, which is the year following the financial year in which the audit is being conducted. For instance, for the financial year 2022-2023, the… Read More »
ITR for Tour & Travel Agency The suitable income tax return form (ITR) for Tour & Travel Agency generally hinges on the legal structure and the precise intricacies of the agency’s financial operations. In many jurisdictions, businesses file their income tax returns using forms that can design for different types of entities. Generally,… Read More »
Deductions or Allowances for Tour & Travel Agencies Deductions or Allowances for Tour & Travel Agencies can take advantage of specific deductions and allowances aligned with their business activities. However, it’s imperative to recognize that tax regulations exhibit variations across jurisdictions, leading to disparities in these provisions based on local laws. Here are several… Read More »
ITR Documents for Tour & Travel Agency ITR Documents for Tour & Travel Agency should maintain a comprehensive set of records and documents to facilitate accurate and efficient Income Tax Return (ITR) filing. While specific requirements might vary based on jurisdiction and the agency’s operational intricacies. Here’s a general list of records and documents… Read More »
GST Applicable on Tour & Travel Agency ITR Filing GST is a consumption-based tax levied on the supply of goods and services at each stage of the supply chain. It is applicable to a wide range of industries, including the tour and travel sector. The GST Applicable on Tour & Travel Agency depends on… Read More »
Require Documents for File ITR Here are the Require Documents for File ITR: 1. Form 16: This is provided by your employer and summarizes your salary, deductions, and taxes withheld. It’s crucial for reporting your salary income accurately. 2. Salary Slips: These documents detail your monthly earnings, allowances, and deductions. They help cross-check the information… Read More »
Penalty Tax-audit The due date and Penalty TaxAudit Reports in India for Organizations, Charitable and Social Service entities are as follows: 1. Due Date: For organizations, charitable trusts, and social service entities, the due date for filing the tax audit report is generally September 30th of the assessment year. This due date may vary… Read More »
Considerations for Foreign Currency Transactions Absolutely, the involvement of considerations for foreign currency transactions brings about specific considerations for Tour & Travel Agencies as they prepare their Income Tax Returns (ITR). These considerations revolve around precise accounting for foreign exchange gains or losses and adhering to pertinent regulations. Here’s an overview of key points… Read More »
Tax Deductions for Organizations Charitable Tax Deductions for Organizations Charitable, and Social Service entities in India can avail various while filing their Income Tax Return (ITR). These deductions help reduce their taxable income, resulting in lower tax liability. Here are some key deductions available: 1. Section 11: Charitable and Religious Trusts (Section11) – Under this… Read More »
