Check TDS compliance in Audit Check TDS compliance in audit, To Check TDS compliance in audit, you can follow these steps: Obtain TDS Returns: Request the auditee to provide copies of filed TDS returns (Form 24Q, Form 26Q, etc.) for the relevant assessment years. These returns contain information about the TDS deductions made by the… Read More »
Meaning of accountancy Accountancy is a field of study and practice that deals with the measurement, processing, analysis, and communication of financial information about a business or organization. It involves the recording, classifying, summarizing, and interpreting of financial transactions to provide useful information for decision-making.The meaning of accountancy is very clear. To visit: https://www.incometax.gov.in Accountancy… 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 »
ITR Filing Assessment Income Tax Return (ITR) filing is an annual obligation for taxpayers, and it is crucial to stay informed about the timelines to ensure compliance and avoid penalties. For individuals and businesses alike, understanding when ITR filing starts is essential for effective financial planning and timely submission. Here’s an overview of when you… 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 »
Is it mandatory to create deferred tax asset or liability In the realm of financial reporting and tax accounting, the concepts of deferred tax assets (DTA) and deferred tax liabilities (DTL) play a crucial role. But is it mandatory to create them? Let’s break down this important question. What Are Deferred Tax Assets and… Read More »
Written off Assets Written-off assets, When an asset is write off, the tax treatment depends on the type of asset and the reason for the write-off. If it is a business asset, such as machinery or equipment, that is being write off due to obsolescence or wear and tear, the write-off may be eligible… Read More »
PAN number GSTIN (Goods and Services Tax Identification Number) is a unique 15-digit alphanumeric code issue to every registered taxpayer under the GST regime. The first two digits of the GSTIN represent the state code, followed by the next 10 digits representing the PAN number of the taxpayer, then a 2-digit entity code for the… Read More »
Definition of GST invoice Definition of GST invoice, A GST invoice is a crucial document issued by a supplier to the buyer, containing all the necessary details of the transaction in accordance with the Goods and Services Tax (GST) Act in India. It serves as proof of the supply of goods or services and… Read More »
