Form 15CB Form 15CB is a certificate issued by a Chartered Accountant (CA) in India. It is require for certain international transactions involving the transfer of money to non-resident individuals or entities. Here’s an explanation of Form 15CB meaning: 1.Purpose: It is use to certify that the remittance being made to a non-resident or… Read More »
15CA/CB Compliance 15CA/CB compliance involves adhering to the legal obligations established by the Indian government regarding the transfer of funds from residents to non-residents. It involves the submission of Form 15CA and obtaining Form 15CB to ensure proper reporting and taxation of cross-border transactions. To achieve 15CA/CB compliance, the following steps need to be… 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 »
Section 40B Section 40B of the Income Tax Act pertains to the deduction of remuneration paid to partners from the taxable income of a partnership firm. This provision outlines the guidelines and regulations regarding the treatment of partner’s remuneration for tax purposes. As per this section, the payment of interest, salary, bonus, commission, or… Read More »
What Does Tax Audit Mean in India In India, a tax audit is an essential process designed to ensure that taxpayers are adhering to the country’s tax laws. This examination of financial records and transactions is primarily conducted by the Income Tax Department or authorized professionals, such as chartered accountants. Purpose of a Tax Audit… Read More »
