Is ITR filing mandatory Filing an Income Tax Return (ITR) is an important responsibility for every taxpayer, but many people often wonder if it is mandatory in every case. The answer depends on various factors such as your income level, age, and sources of income. What is ITR Filing? Income Tax Return (ITR) is… Read More »
TDS Compliance for Partnership Firm TDS Compliance for Partnership Firm, For a partnership firms, compliance with TDS (Tax Deducted at Source) provisions is important to fulfil its tax obligations. Here are some key aspects of TDS compliance for a partnership firm: TAN Registration: The partnership firm must obtain a valid Tax Deduction and Collection… Read More »
How to download consolidated TDS compliance report To obtain a consolidated TDS (Tax Deducted at Source) compliance report, please adhere to the following steps: Visit the official website of TRACES (TDS Reconciliation Analysis and Correction Enabling System). TRACES is an online platform established by the Indian Income Tax Department specifically for TDS-related tasks. Visit the… Read More »
Tax Deducted at Source Compliance Tax Deducted at Source Compliance, TDS compliance refers to adhering to the provisions of Tax Deducted at Source (TDS) as per the tax laws of a country. TDS is a mechanism through which tax is deduct at the source of certain payments, such as salaries, interest, rent, professional fees, etc.… Read More »
Capital Gains and Capital Asset Capital Gains refers to the profit made by an individual or an entity when they sell a capital asset, such as property, stocks, or mutual funds, at a higher price than its purchase price. A capital asset is any asset that an individual or an entity owns for personal or… Read More »
When is a TDS required When is a TDS required: TDS (Tax Deducted at Source) becomes mandatory when a person or entity makes certain specified payments. The requirement for TDS arises when the provisions of the tax laws mandate the deduction of tax at the source of payment. The specific situations where TDS is require… Read More »
TDS Compliance for LLP For a Limited Liability Partnership (LLP), compliance with TDS (Tax Deducted at Source) provisions is important to fulfill its tax obligations. Here are some key aspects of TDS compliance for an LLP: 1. TAN Registration: The LLP must obtain both valid Tax Deduction and Collection Account Number (TAN) from the tax… Read More »
TDS compliance in tax audit report TDS compliance in tax audit report, In the context of a tax audit report, ensuring compliance with TDS (Tax Deducted at Source) is a vital factor that requires attention. Here are some key considerations regarding TDS compliance in a tax audit report: Verification of TDS Deductions: The tax auditor will… Read More »
TDS compliance chart for FY 2024-25 TDS compliance chart for FY 2023-24: Here is a TDS compliance chart for FY 2024-25 (Assessment Year 2025-26) for non-government deductors: 1. Quarter – April to June: TDS Deduction Date: By the 7th day of the subsequent month TDS Payment Due Date: On or before the 7th day… Read More »
ITR with Balance sheet No, it is not mandatory to file the ITR with balance sheet in India. However, certain taxpayers such as companies, firms, and LLPs require to file a copy of their balance sheet along with their income tax return. Individuals and HUFs (Hindu Undivided Families) generally do not require to file their… Read More »
