The Provident Fund (PF) is a crucial component of financial security for employees, offering retirement benefits and emergency funds. However, errors in PF account details can lead to delays in withdrawals, claim rejections, or inaccurate contributions. Correcting these mistakes promptly ensures smooth transactions and uninterrupted benefits. This in-depth guide will […]
Continue readingCategory: GST – Tax – TDS – MCA
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Filing Overdue Professional Tax in Karnataka | Overdue Payment of PT Tax
Hi, I’m Ravi, an accounting professional with 5 years of experience in financial management, tax compliance, and reporting. I specialize in professional tax, GST, and payroll, ensuring accuracy and compliance in all financial operations. Professional tax (PT) is an essential state-level tax levied on individuals earning income through business, employment, […]
Continue readingHow to Fix the LU-LUWV-9018 Error on the GST Portal?
If you’re navigating the GST portal and come across the error message, “Something seems to have gone wrong while processing your request. Please try again. If the error persists, quote error number LU-LUWV-9018 when you contact customer care for a quick resolution,” you’re definitely not alone. This error can pop […]
Continue readingWhat You Need to Know About Section 194R in India’s Income Tax Act
Hi, this is Ravi. I have over three years of experience in accounting. Today, I’ll be explaining Section 194R in a detailed way Imagine you’re running a successful business. To keep things moving smoothly, you often reward your partners, dealers, or agents with perks like holiday trips, promotional gifts, or […]
Continue readingA Complete Guide to Tax Compliance under Sections 44AD and 44ADA: Audits, Eligibility, Filing, and Profit Calculation
For small businesses and professionals, tax season can feel overwhelming, with countless forms, financial records, and compliance requirements. Sections 44AD and 44ADA of the Indian Income Tax Act offer a simplified route through presumptive taxation—an approach that saves time and effort while making tax compliance more accessible. This guide will […]
Continue readingSimplifying Taxes with Sections 44AD and 44ADA: A Practical Guide for Small Businesses and Professionals
If you’re a small business owner or self-employed professional, you’ve likely felt overwhelmed by the paperwork and compliance demands that come with tax season. India’s Income Tax Act recognizes this struggle, and Sections 44AD and 44ADA offer a much-needed break. These sections introduce presumptive taxation schemes—a simplified way to handle […]
Continue readingA Complete Guide to Sections 44AD and 44ADA: Simplified Taxation for Small Businesses and Professionals
Navigating tax laws can be complicated, especially for small businesses and self-employed professionals who often lack the resources to maintain detailed accounts. To support this segment, the Indian Income Tax Act offers simplified tax filing through presumptive taxation schemes under Sections 44AD and 44ADA. These sections help eligible taxpayers save […]
Continue readingA Comprehensive Guide to Sections 44AB, 44AD, and 44ADA
For many small business owners and professionals, tax compliance can be a daunting task, filled with complex calculations and legal jargon. Fortunately, the Indian Income Tax Act has provisions that make tax compliance easier and more straightforward through presumptive taxation schemes. Sections 44AB, 44AD, and 44ADA specifically target small businesses […]
Continue readingCBDT Extends Due Date for Audited IT Returns for AY 2024-25 to 07th Nov 2024
In a welcome relief to businesses and tax practitioners, the Central Board of Direct Taxes (CBDT) recently issued Circular No. 13/2024, announcing an extension of the income tax return (ITR) filing deadline for Assessment Year (AY) 2024-25. This decision comes amid growing concerns from corporate entities and auditors facing tight […]
Continue readingHow to Solve TDS Return Filing Errors in the Latest RPU and FVU Utility?
Filing your TDS (Tax Deducted at Source) returns can feel like a maze of complex rules, updates, and specific guidelines, but with the right approach, it’s entirely manageable. The NSDL’s tools – the Return Preparation Utility (RPU) and the File Validation Utility (FVU) – make it possible to prepare and […]
Continue readingForm 12BAA and New TDS Rules for Salaried Individuals | What’s Changing from October 2024?
The Government of India has introduced significant changes to the tax system starting from October 2024, which are set to impact salaried individuals. These updates include modifications in tax deduction rules, Tax Deducted at Source (TDS) rates, and related forms such as Form 12BAA. This comprehensive guide will help salaried […]
Continue readingRecent Changes in Reverse Charge Mechanism (RCM) under GST (Effective November 2024)
The Goods and Services Tax (GST) system in India has undergone significant updates to keep up with the evolving economy and improve revenue collection. One major change effective from November 2024 involves the Reverse Charge Mechanism (RCM). This change brings a new set of rules, primarily affecting commercial property rentals, […]
Continue readingHow to Use the Locked GSTR-3B Feature
Filing GST returns can be a little stressful, especially with new changes rolling out. One of the latest and most important updates on the GST portal is the locked GSTR-3B feature. While this update is designed to help you avoid mistakes and make the filing process smoother, it also requires […]
Continue readingA Complete Guide to file GSTR-9 & 9C on the GST portal
In India’s Goods and Services Tax (GST) regime, businesses are required to file periodic returns summarizing their supply transactions, tax payments, and input tax credits (ITC) availed. Among the various returns filed under GST, two critical ones that reflect a company’s annual financial activities are GSTR-9 and GSTR-9C. Both GSTR-9 […]
Continue readingWhat is Invoice Management System (IMS) portal in the GST?
If you’re running a business in India, you’ve probably had to deal with GST. It’s a crucial part of keeping things running smoothly, but let’s be real: GST compliance can be a bit of a headache. From managing Input Tax Credit (ITC) mismatches to handling notices from the tax department, […]
Continue readingHow to add the Director’s DSC on the Income Tax portal
If you’re a company director, you already know that dealing with taxes and paperwork can be a bit of a hassle. But there’s one thing that makes the process smoother — adding your Digital Signature Certificate (DSC) to the Income Tax portal. It’s quick, secure, and makes e-filing a breeze. […]
Continue readingUnderstanding GSTR-1A: A Complete Guide
Introduction to GSTR-1A GSTR-1A was once introduced as a way for taxpayers (suppliers) to correct mistakes in the sales (outward supply) data they reported in their GSTR-1 returns. GSTR-1A would give suppliers a chance to accept or reject changes suggested by their buyers based on the inward supply details the […]
Continue readingTDS Rate Changes Effective from October 1, 2024
As part of the Finance Bill 2024, several significant changes to the Tax Deducted at Source (TDS) framework have been introduced, and they took effect on October 1, 2024. These changes aim to simplify compliance, ease the tax burden on individuals and businesses, and enhance transparency in various financial transactions. […]
Continue readingHow to Accept or Reject a Tax Audit Report on the Income Tax e-Filing Portal: Step-by-Step Guide
Managing your tax responsibilities can often seem overwhelming, especially when it involves a tax audit report. But thanks to the Income Tax e-Filing Portal, the process of accepting or rejecting a tax audit report has become more streamlined and accessible. Whether you’re accepting an auditor’s report or returning it with […]
Continue readingUnderstanding LUT and Bond under GST: A Detailed Guide
Exporting goods and services from India requires careful navigation of the GST framework, particularly when it comes to managing taxes like Integrated GST (IGST). To facilitate exports and reduce the financial burden on exporters, the GST law provides two primary options: the Letter of Undertaking (LUT) and a Bond. Both […]
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