04 October 2023
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In the realm of financial governance and economic management, the simplification of the income tax system has always been a topic of paramount importance.
Tax Compliance Tracker for the month of October, 2023
In India, the Income Tax Act mandates that certain individuals and entities must undergo a tax audit and file a Tax Audit Report (TAR) by a specified due date. Failing to comply with this requirement can lead to various penalties and consequences. Let's explore the penalties for not filing a Tax Audit Report in India:
Exit taxes are levied by governments on individuals, businesses, or assets when they leave a country.
Applicability of Form 10BBIt will be applicable where : Total income of the trust or institutions does not exceed Rs. 5 crore during the previous year. Where th...
The Central Board of Direct Taxes under the Department of Revenue, Ministry of Finance, Government of India on 27th Sep 2023 notified the Form 6D for Inventory Valuation. The budget 2023 brought in provision with regard to the Inventory Valuation by Cost Accountants on the directions from the Income Tax Department under section 142(2A).
If you missеd thе dеadlinе, all is not lost. You can still filе a bеlatеd ITR, but it’s еssеntial to undеrstand thе procеss and consеquеncеs.
To download e-PAN card the Instant e-PAN service is available to individuals who don't have a Permanent Account Number (PAN) but have an Aadhaar card.
In the world of accounting, entering data is a big job. Many accountants still do it the old way, typing in numbers and details one by one. It's a task that takes a lot of time and patience
Income Tax E-Filing Registration is the process where taxpayers sign up on the government's Income Tax E-Filing website.
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