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2019

FAQ On Advance Tax

Q. Who is liable to pay Advance tax?

As per Section 208 of the Income Tax Act, Every person (individual, firm, company, etc.) whose estimated tax liability for the year (i.e., for the year in progress such as FY 2016-17, FY 2017-18,  etc.) after TDS (i.e., TDS which is deducted for the person by its payers/clients/banks, etc.) is Rs. 10,000 or more shall pay its tax for the year in advance during the same financial year.

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2019

TDS Deductive on Payment of Rent paid by Individuals and HUF

In the case of rent paid to residents, Section 194IB has been inserted with effect from 1st June 2017, which is related to TDS on Rent paid by Individuals and HUF to Residents. The article discusses Provisions related to TDS under Section 194IB on Rent paid by Individuals and HUF to Residents.

2018

Section 9 of CGST Act 2017

Section 9 is the charging section of CGST Act, 2017. It details:

As per CGST Act 2017, there shall be levied a tax called “Goods and Service Tax” on all the Intrastate supplies of goods and services on the value determined u/s 15 of the CGST Act 2017. There is also such exclusion from levying CGST on which GST is levied by the Central government on the recommendation of the council.

2018

Frequent Asked Questions on Income Tax Audit

Q.1 What is tax audit?

  • Section 44AB gives the provisions relating to the class of taxpayers who are required to get their accounts audited from a chartered accountant. The audit under section 44AB aims to ascertain the compliance of various provisions of the Income-tax Law and the fulfillment of other requirements of the Income-tax Law. The audit conducted by the chartered accountant of the accounts of the taxpayer in pursuance of the requirement of section 44AB is called tax audit.

  • The chartered accountant conducting the tax audit is required to give his findings, observation, etc., in the form of an audit report. The report of the tax audit is to be given by the chartered accountant in Form Nos. 3CA/3CB and 3CD.

2018

Audit under GST

Audit under GST is compulsory for all registered dealers whose annual turnover is more than 2 crores. GST Audit is the examination of records maintained by a registered dealer. The audit will mainly focus on three key areas namely i) correctness of data declared by the taxpayer, ii) taxes paid and iii) compliance with GST law. GST Audit must be conducted by a practicing CA or a CMA.

2018

Points to remember while claiming deduction under section 80C

When it comes to availing tax benefits, Section 80C is one of the most popular tools to reduce tax liability. It is particularly popular among salaried individuals who cannot claim the deduction for any expense from the salary income.  Under section 80C one can claim tax relief up to the maximum of Rs. 1,50,000. There are many options available for claiming this deduction like investment in PPF, Mutual Fund, NSC etc. The deduction can also be claimed for certain expenses like tuition fees, repayment of Home Loan etc. However, there are certain conditions which every taxpayer must know while claiming any tax relief under this section.

Financial Management