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Section 150 of the CGST Act 2017 states that certain entities such as taxable persons, local authorities, banks, state and central government authorities, etc. If a person does not furnish the information return within the specified time period, a notice may be served upon them requiring the same to be furnished within a period not exceeding 90 days.
In India, the income tax is governed by the Income Tax Act, 1961 and is imposed by the Central Board of Direct Taxes (CBDT). The taxable income of an individual is taxed at different slab rates, based on the individual's income level.
EPF stands for Employees' Provident Fund. It is a mandatory savings scheme for salaried employees in India that is governed by the Employees' Provident
Section 194Q of the Income Tax Act, 1961 is a provision that deals with Tax Deducted at Source (TDS) on the purchase of goods.
Form 26AS is a statement of tax credits. It is a consolidated statement that contains information about the tax that has been deducted or collected from an individual's income, as well as the taxes paid by the individual.
MGT 7 is a form that is required to be filed with the Ministry of Corporate Affairs (MCA) in India. It is a form for filing annual return by a company, it contains details of the company's shareholders and directors, and information on the company's financial performance.
Capital gain is the profit made from the sale of a capital asset, such as real estate, stocks, or bonds. The capital gain is the difference between the purchase price of the asset and the selling price. If the selling price is lower than the purchase price, the result is a capital loss.
Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. ..
An income tax notice is a formal communication from the Income Tax Department stating that there is an issue with your tax return or tax payments.
NRI fund transfer refers to the transfer of funds between a bank account held by a Non-Resident Indian (NRI) in a foreign country and an account in India, or vice versa.
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