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 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 for trust TDS compliance for trust, For a trust, compliance with TDS (Tax Deducted at Source) provisions is important to fulfill its tax obligations. Here are some key aspects of TDS compliance for trust: TAN Registration: The trust must obtain a valid Tax Deduction and Collection Account Number (TAN) from the tax… Read More »
How to do TDS complaints If you have any complaints or issues related to TDS (Tax Deducted at Source), you can take the following steps for filing TDS complaints: Contact the Deductor: If you have concerns about TDS deductions made by a specific deductor, you can reach out to them directly. Provide them with the… 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 »
RCM in GST The RCM stands for Reverse Charge Mechanism in GST. The Reverse Charge Mechanism is a concept under GST wherein the recipient of goods or services is liable to pay the GST instead of the supplier. To put it differently, the Reverse Charge Mechanism necessitates that the individual receiving goods or services obliged… Read More »
Statutory authority Statutory authority under the GST law to check unfair profiteering activities is the National Anti-Profiteering Authority (NAA). The NAA is a quasi-judicial body that was set up under the GST Act to ensure that the benefits of GST rate reductions and input tax credit are passed on to the end consumers by the… 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 »
