Associate TG
Difference between TDS and Income Tax Return Difference between TDS and Income Tax Return Many taxpayers often confuse the terms Tax Deducted at Source (TDS) and Income Tax Return (ITR). For salaried individuals, it’s essential to comprehend the distinctions between TDS and ITR to grasp their impact on tax liability and refunds. The primary … Read more
E-Invoice Penalties Exploring Various Circumstances E-invoice penalties encompass a wide range of scenarios, from late submissions to fraudulent activities, each carrying its own set of consequences. To avoid these penalties, businesses must prioritize compliance with e-invoicing regulations, invest in robust invoicing solutions, and establish internal controls and processes to ensure accuracy and integrity in their … Read more
Presumptive Taxation in India Presumptive taxation, as per the Income Tax Act, offers relief to taxpayers with turnovers below two crore rupees. Under this scheme, individuals can declare income at a fixed rate, eliminating the need for extensive bookkeeping and audits. This article provides an overview of presumptive taxation in India. Relief in Compliance … Read more
Tax Audit Meaning and Applicability Tax Audit – Meaning and Applicability: Tax Audit Meaning and Applicability A tax audit is an examination of financial records conducted to ensure compliance with the provisions of the Income Tax Act. For corporations, audits are already mandated by the Companies Act. Tax Audit Meaning and Applicability Therefore, tax … Read more
What is an Income Tax Audit? Tax Audit Limit for AY 2024-25 Tax Audit Limit for AY 2024-25 Under Section 44AB of the Income Tax Act, individuals engaged in specific professions or exceeding a certain threshold in business are required to undergo an audit of their account books conducted by a chartered accountant. This process … Read more
