Section 44AD of the Income Tax Act is a presumptive taxation scheme designed to simplify the tax filing process for small taxpayers. This section allows eligible taxpayers to declare income as a percentage of their turnover or gross receipts, thereby reducing the burden of maintaining detailed books of accounts. Basic […]
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Understanding Professional Tax: Key Information for Employees and Employers
Professional tax is a state-level levy imposed on individuals and entities engaged in employment, professions, or business activities. This tax, administered by state governments, varies in its application and rates across different regions. This guide offers a detailed overview of professional tax, its purpose, and the responsibilities of both employees […]
Continue readingAnnual Compliance for Private Limited Companies
Key Points for a PRIVATE LIMITED COMPANY Annual compliance for a private limited company Private limited company compliance for 1 year: ( NOT INCLUDING AUDIT ) ✓ MCA Annual Return Filing of AOC 4, ADT 1, MGT 7✓ DIN E-KYC for 2 Directors✓ Accountant✓ Bookkeeping✓ Accounts finalization – company✓ Commencement […]
Continue readingComprehensive Guide to the GST Filing Process in India
Hi, This is Ravi Kumar, and today, I will let you know about the GST, Navigating the complexities of the Goods and Services Tax (GST) system in India can be challenging for businesses of all sizes. Since its introduction in July 2017, GST has streamlined the country’s indirect tax structure, […]
Continue reading53rd GST Council Meeting | Latest GST Updates 2024.
The Goods and Services Tax (GST) Council in India continues to evolve its framework to better meet the needs of taxpayers and streamline tax processes. The latest updates from the 53rd GST Council Meeting, held on June 22, 2024, introduce significant changes and clarifications across various sectors. Here’s a detailed […]
Continue readingTDS on Purchase of Goods | Section 194Q
Hello Friends, Welcome to my blog, In today’s session, I will let you know about the TDS Section 194Q. TDS (Tax Deducted at Source) on the purchase of goods is governed by Section 194Q of the Income Tax Act, 1961. This provision mandates that the buyer deduct tax at source […]
Continue readingWhat is form W-8BEN? and How to Fill W-8BEN Form?
Hi Everyone, This is Ravi Kumar and today, I will let you know about the filling process of Form W-8BEN. What is Form W-8BEN? Form W-8BEN is a crucial document for non-U.S. individuals or entities earning income from U.S. sources. It allows them to claim a reduced rate of withholding […]
Continue readingWhat is IRS Form W-9?
Hii EveryOne! This is Ravi Kumar, and today I will let you know about the IRS FORM W-9. Introduction:Form W-9 is an essential document in the United States tax system, used to collect taxpayer identification information for income reporting purposes. Whether you’re an individual or a business entity, understanding how […]
Continue readingHow to check & Verify Form 26As? A Step-by-Step Tutorial.
Hey, I am Ravi In this blog, I am gonna show you how to understand the heading of Form 26As and how to check this form. IntroductionForm 26AS is an essential document for taxpayers in India as it summarizes the taxes deducted from your income and taxes paid on your […]
Continue readingChange in the GST for Table Number 12
Hey all, This is Ravi, and today, I will let you know the new changes in column number 12 in the GST Portal. What is Table Number 12 in the GST? In Table number 12, businesses report the HSN-wise (Harmonized System Nomenclature) summary of the outward supplies. This entails providing […]
Continue readingTDS & TCS: Payment & Return Filing Due dates (with Penalties)
Hey, This is Ravi Kumar, and today I will let you know the due date and return filing dates for TDS & TCS with late fees. What is TDS? TDS stands for Tax Deducted at Source. It’s a mechanism introduced by the government to collect taxes at the source of […]
Continue readingThe new limit for the presumptive taxation for the AY 2024 25 is about 44AD & 44ADA.
This is Good News for all the Small Businesses and Professionals to Increase the Turnover Limits for Presumptive Taxation Scheme (AY 2024-25). The Indian government, in the Budget 2023, introduced some good changes for small businesses and professionals opting for the presumptive taxation scheme under sections 44AD & 44ADA. In […]
Continue readingWhat is the AIS? and How to check the AIS Statement?
We are aware that companies deduct TDS/TCS, and if we exceed the exemption limit in any criteria, TDS/TCS will be applicable to us. Why? Because the Indian government has announced that if a person surpasses the exemption limit of earnings, they are liable to pay tax on that amount. Consequently, […]
Continue readingHow to verify the Udyam registration number?
The Udyam Registration Number is like a special code given to businesses in India after they finish signing up for Udyam Registration. This registration is a government program to help small and medium-sized businesses by making it easier for them to register and giving them advantages like subsidies and support. […]
Continue readingIncome Tax Outstanding Demands Waived Effective February 2024
Hey everyone! I’ve got some exciting news for all you taxpayers out there. Guess what? The government has come up with a plan to make some of your outstanding income tax bills vanish into thin air, starting from February 2024. Yup, you heard it right – you might not have […]
Continue readingWhat are the New Tax Regime and its benefits?
Income tax is like a bill we all have to pay to the government if we earn a certain amount of money. It’s the government’s way of collecting money to pay for things like roads, schools, and hospitals. The rules about how much we have to pay and when can […]
Continue readingFee for professional services and technical services under section 194J
Hello Friends, In my today’s blog, I will let you know about section 194J of the Income Tax Act. What is it? Section 194J of the Income Tax Act, 1961, mandates the Tax Deduction at Source (TDS) on payments made for professional or technical services rendered by resident individuals or […]
Continue readingWhat is the TDS section 194D?
Hi everyone! In my today’s session, I will let you know the TDS sections 194D What is the TDS section 194D? Section 194D is a part of the Income Tax Act in India, and it’s about TDS (Tax Deducted at Source) on insurance commission. If you pay someone a commission […]
Continue readingWhat is the TDS section 194H
Hi everyone! In my today’s session, I will let you know the TDS sections 194H What is the TDS section 194H Section 194H of the Income Tax Act is about deducting income tax when someone pays a commission or brokerage to a resident. It applies to individuals, Hindu Undivided Families […]
Continue readingSection 194C – TDS on Payment to Contractors
Hi Everyone! In my today’s article, I will let you know about section 194C What is the TDS section 194C? Section 194C of the Income Tax Act, of 1961 deals with Tax Deducted at Source (TDS) on payments made to resident contractors. It talks about TDS, which stands for Tax […]
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