Penalties for Late Filing of Tax Audit Penalties for Late Filing of Tax Audit: Yes, there are penalties for late filing of TDS returns for printing services. The penalty is levied under section 271H of the Income Tax Act, 1961. The amount of penalty depends on the delay in filing the return. If the return… Read More »
Tax Compliance For Realtors Here are some Tax Compliance For Realtors real estate agents should follow to avoid tax audit issues: 1. Keep accurate and complete records: This includes all of your income and expenses, as well as any supporting documentation. The IRS can ask to see your records for up to 7 years,… Read More »
Due Date of Tax Audit for Real Estate Due Date of Tax Audit for Real Estate, The threshold limit for tax audit for real estate agents is Rs. 10 crore in the financial year 2022-23 (assessment year 2023-24). If the cash transactions do not exceed 5% of the total transactions. This is an increase from… Read More »
Tax Audit for furniture and appliances Tax Audit for furniture and appliances: Here are some recommended compliance steps that furniture and appliances traders and stores should adhere to in order to prevent Tax audit for furniture and appliances complications: 1. Maintain Accurate Documentation: Maintain precise records of all transactions, including sales receipts, invoices, and… Read More »
Tax Audit Issues Certainly, below are several recommendations that restaurants and hotels ought to follow to avoid encountering problems during tax audit issues: 1. Maintain Accurate and Comprehensive Records: It’s crucial to keep meticulous records of both income and expenses, as well as detailed employee records. 2. Submit Timely and Accurate Tax Returns: Ensure… Read More »
Due Date of Tax Audit for Printing Services The due date of tax audit for Printing Services is September 30, 2023 for the Financial Year (FY) 2022-23 (Assessment Year (AY) 2023-24). This is the same due date for all businesses with an annual turnover exceeding 1 crore and any professional with receipts above Rs 50… Read More »
Tax Audit for Restaurants and Hotels The threshold limit and due date of tax audit report for restaurants or hotels depends on the annual turnover of the establishment: 1. If the annual turnover is less than Rs. 1 crore, the threshold limit is Rs. 5 lakh. The due date for filing the tax audit… Read More »
Threshold for Tax Audit The threshold for tax audit pertaining to Furniture & Appliances: Traders & Stores stands at Rs. 10 crore for the assessment year 2023-24, subject to fulfillment of these conditions: 1. The combined cash receipts (encompassing sales, turnover, and gross receipts) must not surpass 5% of the overall gross receipts. 2.… Read More »
Tax Audit Report for Textile and Clothes Here are the key components of a Tax Audit Report for Textile and Clothes services: 1. Section A: Essential Details Taxpayer’s name, address, and Permanent Account Number (PAN) Auditor’s name (individual or firm) Relevant law governing the audit (e.g., Companies Act) Date of the audit report Period… Read More »
Tax Audits of textile and clothing traders Here are some limitations for tax audits of textile and clothing traders: 1. The statute of limitations: The IRS can only audit a textile or clothing trader’s tax return for a certain period of time after the return was file. The statute of limitations is generally three… Read More »
