All firms are required to file their annual returns at the conclusion of each fiscal year. The same approach must be followed by both small and large organisations. While many small firms skip this stage entirely, it is not recommended because it can result in substantial fines from the Registrar and potentially the directors being …
Category: Income Tax
Tax on Blogging Income Under the Income Tax Act
The need for content providers and bloggers has risen dramatically since the advent of social media. Blogging is a popular job not only because of the platform it provides for self-expression, but also because it pays well. The income earned by a blogger is subject to the Income Tax Act’s tax regulations. Blogger’s Definition A …
Audit: Items/Income other than Sales/Service Receipt – GST Implication
There are many items which has different treatment in Income tax v/s treatment under GST Laws. So while auditing we should careful about the same. As per charging section of GST act, GST shall be levied on supplies of goods or services or both, except on the supply of alcoholic liquor for human consumption. Supply …
Tax Auditor in Delhi
With businesses reaching greater success on a wider scale, creating the right regulatory standards in tax auditing is becoming more and more essential. The idea behind tax audit is to ensure that accounting records are kept in compliance with the provisions of the Income Tax Act. Since auditing indicates the corporate health and efficiency, helps …
Cash Transaction – Limit & Consequences of Non-Compliance under Income Tax Act
Cash transaction leaves no trail of the payer that causes tax evasion & black money. It affects the Indian economy by dual aspect one is revenue deficit to government and another one is unaccounted money that cannot flow in the economy. Both of these problems terribly effects the development of a country. That’s why government …