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Aug26
2020
Under Section 203 of the Income Tax Act, 1961 mandates that the employer has to deduct TDS. After deducting the TDS, the employer has to issue certificates. These certificates are Form 16 and Form 16A that are issued to the deductees as a proof of the same.
Tax Deducted at Source (TDS) is a type of tax deducted from the income as per the specified percentage (%).TDS is deducted by the employer.
The TDS return process will be considered as incomplete until the Valid TDS certificate has been issued by the deductor. If we focus on the word Valid TDS Certificate, it means Form 16/ Form 16A issued by authenticated authority. As on the current date the TRACES have the authorization to issue valid TDS certificate.
Aug19
2020
Prime Minister Narendra Modi on August 13 launched the ‘Transparent Taxation, Honoring the Honest’ platform to further its initiative to reform direct taxes in India.
Launching the Transparent Taxation platform, PM Narendra Modi said the ongoing structural reforms have "reached new heights today" and that the 'Transparent Taxation - Honoring the Honest' platform will "have faceless assessments, faceless appeal and taxpayer charter". The motive behind the new policy are: Policy-driven governance, belief in people’s honesty, use of advanced technology, efficiency in bureaucracy.
Aug07
2020
As per the IGST law, import of services under GST applies when the trade occurs in inter-state. It also applies when the consumer receives the services from a person residing outside India. Those importing services on a regular basis shall enhance the impact of GST on their business, as GST applies to imported services. However, in this article we will focus on issues like import of software and whether software is considered as service or goods and tax implications of import of software.
Jul29
2020
What is Slump Sale?
Jul21
2020
While filing your tax return, you should do it with utmost care. If you make a mistake you could end up with a tax notice from the department asking you to explain the discrepancy and pay tax, if any. Incorrect filing of tax returns will lead to many troubles. It’s better to file return correctly as well as on time to ensure mental peace.
Today we will discuss some common mistakes tax payers make while filing their income tax returns.
Jul15
2020
As we all know the Government is pushing towards cashless economy and digital payment. In line with this policy GoI has introduced Section 269SU under the Income Tax Act, 1961. Section 269SU prescribes for accepting payment through certain electronic modes. In this article, we will discuss about some Frequently Asked Questions on Section 269SU.
