When ITR filing starts The filing of Income Tax Returns in India typically starts on 1st April of the assessment year. The assessment year is the year immediately following the financial year for which the ITR is being filed. For example, if you are filing an ITR for the financial year 2022-2023, the assessment year… Read More »
Can TDS be deducted on the accreditation fee The answer to this question depends on the specific circumstances and nature of the accreditation fee. In general, TDS (Tax Deducted at Source) is applicable to certain types of payments made by businesses, such as salaries, rent, and professional fees. If the validation fee can be classified… Read More »
TDS Certificate Required TDS certificate required, TDS (Tax Deducted at Source) certificates are vital for providing conclusive proof of tax deduction at the source and play a critical role in enabling various procedures associated with income tax compliance. The following are key reasons highlighting the importance of TDS certificates: Proof of Tax Deduction: TDS certificates… 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 »
Heads of income Under the concept of total income, there are various heads or categories of income that are considered for the purpose of computing an individual’s or a business’s overall income. The specific heads of income may vary depending on the tax laws and regulations of a particular country. However, the common heads of… Read More »
Prepare TDS To prepare TDS (Tax Deducted at Source), you can follow these general steps: Determine Applicability: Identify the transactions and payments on which TDS is applicable as per the provisions of the Income Tax Act, 1961 and related regulations. Consider the nature of the payment and the threshold limits for TDS applicability. Obtain… 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 »
What is Input Tax? Input tax refers to the VAT (Value Added Tax) or GST (Goods and Services Tax) that a business pays on its purchases of goods and services. This tax is paid to suppliers and is recoverable against the VAT or GST a business collects from its customers. Essentially, input tax is the… Read More »
