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 »
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 »
How much GST-registration can be issued on one PAN number In India, a business or individual can have multiple GST registrations under a single PAN (Permanent Account Number). However, there are specific scenarios that determine the need for multiple registrations. 1. Different States If a business operates in multiple states, it must obtain separate GST… 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 »
