New compliance under GST New compliance under GST, Here are some common compliances requirements under the Goods and Services Tax (GST) in India. GST Registration: Businesses whose turnover exceeds the prescribed threshold are required to register for GST. GST Returns: Registered taxpayers need to file regular GST returns based on their category and turnover.… 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 »
Income Tax Return Verification Verifying an income tax return is a crucial step to ensure that the filing process is completed successfully and that the tax authorities have received and processed the return accurately. To visit: https://www.incometax.gov.in Here are the steps to verify an income tax return in India: Online Verification: Electronic Verification Code (EVC):… 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 »
ITR can be revised ITR can be revise, Yes, it is possible to revise an income tax return after it has been process by the Income Tax Department. Under Section 139(5) of the Income Tax Act, 1961, taxpayers have the option to revise their ITR if they discover any errors or omissions in… Read More »
Verification of the information entered in my ITR The Income Tax department has several methods to verify the information entered in your Income Tax Return (ITR). Some of the ways for Verification of the information entered in my ITR are: To Visit https://www.incometax.gov.in/ 1.Form 26AS: The department cross-checks the details mentioned in your ITR with… Read More »
GST Checklist for PVT Ltd Company GST Checklist for Pvt Ltd Company, Verify if your company meets the turnover threshold for GST registration. Apply for GST registration by providing the necessary documents and information. Invoicing and Documentation: Ensure that all invoices issued by your company are GST compliant, including details such as GSTIN, invoice… Read More »
Annual GST Return Annual GST Return, The Government of India has recently introduced some changes to simplify and streamline the process of filing annual GST returns for taxpayers. Here are the key changes: Single return form: Previously, different forms were use for filing annual returns based on the taxpayer category. Now, a single annual return… Read More »
Tax Audit Tax audit is a process mandatory by the Indian Income Tax Act, 1961, designed to verify the accuracy of an individual or business’s financial records and tax returns. It is an examination of income and tax deductions to ensure that taxpayers comply with applicable tax laws. The tax audit serves as a… Read More »
