Income Tax Audit u/s 44AB: Applicability, Due Date, Form 3CA, 3CB & 3CD šš¼š
What is Tax Audit? š§¾š The term āauditā essentially refers to inspection or assessment and under various laws and regulations, different audits are required to be performed, such as company audits, cost audits, etc. Under Section 44AB of the Income-Tax Act, a taxpayer is required to undergo an audit of the business accounts on fulfilling […]
TDS Rate Chart For FY 2023-24 (AY 2024-25) with TDS Section List
Staying compliant with TDS regulations is crucial for businesses as non-deduction, wrong deduction and even deduction under wrong TDS section could attract huge penalties. Itās important that businesses know the applicable rate, TDS section and exempt limit for each nature of payment. Note: Here is the latest income tax slab for AY 2023-24 (FY 2022-23) […]
2-Factor Authentication For All Taxpayers With AATO Above Rs 20 Cr Is Mandatory From November 01, 2023
Two Factor Authentication for e-Way Bill & e-Invoice The National Informatics Centre (NIC) has announced that 2-factor authentication (2FA) will be made mandatory for all taxpayers with an Aggregate Annual Turnover (AATO) above Rs. 100 crore from July 15, 2023. This is being done to enhance the security of the e-Way Bill/e-Invoice System and to […]
15th Sept 2023 – 2nd Installment of Advance Income Tax
What is advance tax? As the name suggests, advance tax is the practice of paying taxes in advance rather than paying a lump sum amount at the end of the financial year. Also known as ‘pay as you earn’ scheme, these taxes are supposed to be paid in the same year the income is received. […]
GST Related reporting (Clause 44) in Tax Audit Report.
Form 3CD of Tax Audit Report was amended in July 2018 by Notification No. 33/2018 dated 20.07.2018 Clause 44 on reporting of GST transactions was added. However its implementation was kept in abeyance till 31st March 2022. However, for tax audit reports filed from 1st April 2022 onwards, reporting under this clause will be mandatory. Hence, you […]
CBDT amends Income-tax Rules, 1962 to ease authentication of electronic records submitted in faceless assessment proceedings
For easing the process of authentication of electronic records in faceless assessment proceedings, the Government has amended Income-tax Rules, 1962 (āthe Rulesā) vide notification no G.S.R. 616(E) dated 6thĀ September, 2021. The amended Rules provides that electronic records submitted through registered account of the taxpayers in the Income-tax Departmentās portal shall be deemed to have been […]
CBDT allows taxpayers an opportunity to file application for settlement
The Finance Act, 2021 has amended the provisions of the Income-tax Act, 1961 (āthe Actā) to inter aliaĀ provide that the Income-tax Settlement Commission (āITSCā) shall cease to operate with effect from 01.02.2021. Further, it has also been provided that no application for settlement can be filed on or after 01.02.2021, which was the date on […]
TDS u/s 194Q @ 0.01% on Purchase of Goods
From 1st July 2021, Buyer of Goods has to deduct TDS @ 0.01% u/s 194Q if his turnover exceeds Rs. 10 Crores in the preceding previous year and purchases from the Resident Seller exceeds Rs. 50Lakhs. A higher rate of TDS @5% will be applicable if the Seller fails to furnish PAN to the buyer. […]
Tax deduction at higher rate in case of certain non-filers (specified persons)
Tax deduction under section 206AB or tax collection section 206CCA at higher rate in case of certain non-filers (specified persons) with respect to tax deductions (other than under sections 192, 192A, 194B, 194BB, 194LBC and 194N) and tax collections. The higher rate is twice the prescribed rate or 5%, whichever is higher. A specified person […]
Computation of Fair Market Value (FMV) of Capital Assets for the purposes of Slump Sale under section 50B of the Income Tax Act, 1961
In simple words, āslump saleā is nothing but a transfer of a whole or part of a business concern as a going concern. As per section 2(42C) of Income -tax Act 1961, āslump saleā means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values […]