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 »
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 »
TDS Requirements TDS Requirements,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 can vary depending on the tax regulations… Read More »
Input tax Input tax is a type of credit that a business can claim against the taxes. It has paid on the purchases made for its business operations. It considers as an asset under the GST regime because it is a recoverable tax credit and can use to offset the output tax liability, thereby reducing… 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 authorities.… 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 »
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 »
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 »
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 »
TDS Compliances TDS Compliances, is a chart for the financial year 2022-23 in India. Please note that the rates and thresholds mentioned below are based on the information available up to my knowledge cutoff in September 2021. It’s always advisable to refer to the official tax department website or consult with a tax professional… Read More »