TDS compliance calendar The TDS compliance calendar provides important dates and deadlines related to TDS for a specific financial year. Here is a general outline of the Tax Deducted at Source compliance calendar for FY 2022-23: TDS Deduction Due Dates: 7th of each month: TDS deduction for payments made in the previous month (except for… Read More »
TDS Compliance Meaning TDS compliance meaning entails adhering to the regulations outlined in the Income Tax Act, 1961, pertaining to Tax Deducted at Source (TDS).. It involves the proper deduction, deposit, and reporting of TDS by the deductor (the person responsible for making specified payments) to the tax authorities. TDS compliance encompasses several aspects, including:… Read More »
Is it mandatory to create deferred tax asset or liability No, it is not mandatory to create a deferred tax asset or liability. Deferred tax assets and liabilities are recognized based on the principles of accrual accounting and the matching principle, which requires that expenses and revenues should be recognized in the period in which… Read More »
Source of Income Vs Head of Income Source of Income: The source of income and the head of income both are two different concepts use in the computation of income tax for filling the Income Tax Return. The source of income refers to the origin or the place from where the income is earn For… Read More »
Credit Note without GST Charges Credit note without GST charges, Yes, a supplier can issue a credits note without GST charge under certain circumstances. A credit note is typically issue to adjust or rectify an incorrect invoice or to provide a refund to the buyer. If the original invoice did not include Good and… Read More »
Advantage of Section 194J tax deduction Section 194J and Section 192 are two different tax deduction schemes under the Indian Income Tax Act. Section 194J deals with tax deduction at source (TDS) on professional or technical services, while Section 192 deals with TDS on salaries. The advantage of Section 194J over Section 192 is that… Read More »
Legal barter transaction Legal barter transaction, Yes, GST (Goods and Services Tax) may be levy on a legal barter transactions done between two companies. According to the GST Act, any supply of goods or services made for a consideration in the course of business or commerce is taxable, including barter transactions. The value of… Read More »
Process for charging GST Process for charging GST, If a local supplier in India purchases goods or services from an international supplier, the local supplier would be require to pay the Integrated Goods and Services Tax (IGST) on the import of goods or services, and the local supplier can claim the credit of such IGST… Read More »
GST for Ecommerce Operator GST for Ecommerce operator, involves fulfilling the Goods and Services Tax (GST) requirements set by the tax authority. Here are some key aspects of GST compliance for an e-commerce operator: GST Registration: An e-commerce operator is required to obtain GST registration, irrespective of its turnover. The registration process involves providing… Read More »
Purpose of GST returns The purpose of Goods and Services Tax (GST) returns is to provide a consolidated report of a taxpayer’s business activities, including sales, purchases, tax liability, and input tax credit claims. So, GST returns are filed by registered taxpayers with the GST authorities on a regular basis, as per the rules and… Read More »