Income Tax Articles

Errors in AIS on IT Portal? How to Handle it?

Poojitha Raam 12 July 2022 at 16:30

One of the important documents for verification while Tax filing is the Summary statement of AIS. The Annual Information Statement (AIS), launched last year, is a comprehensive statement containing details of 46 of the financial transactions like Income, Investment, Expenditure happened in a particular Financial Year.

How to Export Masters and Vouchers from Tally?

Neethi V. Kannanth 12 July 2022 at 08:50

You can export masters created in a company, in different formats. You can also choose the type of masters to export.

Illustrative Clause 44 Of Form 3CD for FY 2021-22

CA SUDHIR HALAKHANDI 11 July 2022 at 09:04

The Clause 44 of the Form 3CD is effective for Assessment Year 2022-23 i.e. for the Financial Year 2021-22 because the compliance of this clause was kept in abeyance till 31/03/2022 but for all the reports submitted after that date the clause is mandatory.

TDS And TCS under Income Tax

Taxblock 11 July 2022 at 08:43

TDS and TCS are the government's most important sources of revenue. It's also critical for businesses to pay their taxes on time to avoid penalties and remain compliant.

Section 194R TDS

Shreyansh Ranka 09 July 2022 at 09:02

Responsibility to deduct TDS under this section is not casted on the Individual/HUF in case the total sales during the immediate preceding financial year do not exceed 1 Crore rupees in case of business and 50 Lakh rupees in case of the profession.

What is Tax, Financial & Retirement Planning

Taxblock 07 July 2022 at 09:02

Financial Planning and Tax planning are considered to be the same tax, but these concepts are not similar. Both financial planning and tax planning are interconnected.

Statutory Tax Compliance Tracker for the month of July, 2022

CS Lalit Rajput 05 July 2022 at 09:39

Tax Compliance Tracker - July, 2022

New TDS Rules to affect Social Media Influencers and Doctors

Poojitha Raam 27 June 2022 at 14:08

The new TDS section 194R introduced in the Budget, 2022 shall be applicable from 1st July, 2022, requiring a deduction of 10% by any person (resident or non-resident) who provides benefit or perquisite to a resident person in a year exceeding Rs 20,000 shall be liable for TDS under section 194R.

Section 194R: Tax Deducted at Source on benefits or Perquisites

Shailesh Prajapati 25 June 2022 at 13:21

The new section mandates a person, who is responsible for providing any benefit or perquisite to a resident, to deduct tax at source @10% of the value or aggregate of value of such benefit or perquisite, before providing such benefit or perquisite.

Income Tax: CBDT issued fresh guidelines under section 194S(6)

CS Lalit Rajput 25 June 2022 at 08:53

Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes(TPL Division) File No. F. No. 370142/29/2022-TPL (Part-I) vide Income Tax Circular No. 13 of 2022 dated 22nd June, 2022 has released "Circular regarding Guidelines for removal of difficulties under sub-section (6) of section 194S of the Income-tax Act, 1961".