Tax deduction at source is now a very important subject in the field of taxation in the wake of changes in compounding of offences rules that we have already discussed here Although TDS provisions were already present way back since…

Our learned Finance Minister presented her maiden budget on 05/07/2019 .In this post we will try to analyse some of the salient features of the same that are relevant for Income tax  are as follows: Exemption Limit: The limit proposed…

  As the new government has made it amply clear that it is dead serious on combating corruption so is it on tax compliances.In this context the recent changes regarding compounding are worth paying close attention. What is compounding: Section…

  New forms for financial year 2018-19 have been released by Income tax department and as expected do contains new features and informations to be fed .In this post we will try to explain the details asked for and their…

  CBDT has vide a circular amended the rules in relation to PAN requirements in India wef 05/12/2015.The details of the circular are as follows: a) First requirement says that any entity other than an individual and who has not…

  Collection of taxes due is the most important part of the Revenue departments.Every department is governed by the parent act under which it operates as regard recovery of taxes.In this post we will cover the recovery of taxes by…

    Sec 143(1)(a) is about making adjustment for certain amounts in the Income declared by an assessee while filing its return of income .Following adjustments are to be made (i)  any arithmetical error in the return (ii)  an incorrect…

  Tax Audit  We have covered Tax Audit in our previous posts.In this post we will explain the remaining aspects of Tax Audit u/s 44AB Types of Tax Audit: Though Tax Audit is always covered u/s 44AB but the requirements…

Tax Audit  Tax Audit is covered under sec 44AB of Income tax Act and broadly speaking it is meant for those Assessee having specific turnover beyond which their books are to be Audited by a Chartered Accountant and the report…

  Now since the Annual Return of GST is out and the date of Tax audit under Income tax is approaching we will present our final post regarding finalisation of accounts in GST Era.We had already explained in detail the…