To file Income Tax Returns (ITRs) offline, taxpayers must use the Offline Utility provided by the Income Tax Department. This utility allows users to generate a JSON file containing the necessary information and details of their ITR.
Continue Reading »GST litigation refers to legal disputes or cases related to Goods and Services Tax (GST) between taxpayers and the tax authorities. These disputes may arise due to issues such as incorrect tax calculations, improper classification of goods or services, or non-compliance with GST regulations.
Continue Reading »Form 15G and Form 15H are self-declaration forms that can be submitted by individuals to their banks or financial institutions to request exemption from tax deduction at source (TDS) on interest income earned from fixed deposits, recurring deposits, and other investments.
Continue Reading »TDS is applicable to various types of payments such as salaries, interest, rent, commission, professional fees, etc. The rate of TDS varies depending on the type of payment and the status of the recipient.
Continue Reading »The deadline to link Aadhaar with PAN has been extended several times in the past, and the latest deadline is March 31, 2023. If an individual fails to link their Aadhaar with their PAN by the deadline, their PAN card will become inoperative from April 1, 2023.
Continue Reading »What is tax audit?The dictionary meaning of the term "audit" is check, review, inspection, etc. There are various types of audits prescribed unde..
Continue Reading »Bank Reconciliation Statement is a statement prepared mainly to reconcile the difference between the 'Bank Balance' as shown by the Cash Book and the 'Bank Balance' shown by the Bank Pass Book.
Continue Reading »Section 194H of the Income Tax Act governs the taxation of commission or brokerage. According to this section, any person responsible for paying to any income by way of commission or brokerage shall deduct tax at source of such income.
Continue Reading »Income Tax Return is a form that individuals and businesses are required to file with the Income Tax Department. The purpose of ITR is to report the income earned during a financial year and pay taxes on it.
Continue Reading »A partnership deed is a legal document that outlines the terms and conditions of a partnership between two or more individuals or organizations.
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