Author: CA Tarannum Khatri

11 common TDS Errors and their solutions

It is time consuming to solve TDS errors while filling TDS return. In this post, we have given most common TDS errors and their solutions. Most common TDS Errors and their solutions: Tax Deducted at Source (TDS) in India is a tax collection method. In simple terms it is rate prescribed which is mandatory to be deducted and paid by the persons responsible for making payments. A person responsible for deducting and paying TDS has to make the below mandatory compliance. TDS payment has to be made for each month: by 7th of following month & File TDS return...

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Income tax notices and what to do next

Income tax notices are issued by income tax department for various non compliance. In this post, you can get insight about reasons for income tax notices and their solutions.   Income tax notices and their solution: In today’s time tax compliance is very important. We all being an individual or company or trust or any other organization are always under eye the of income tax department. In modern computerized times the income tax department has access to wide range of financial information of taxpayers with the help from computer-aided scrutiny system (CASS) which generates cases where there is discrepancy...

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GST Transitional Provisions as per Model GST Law

GST Transitional provisions play critical role while moving from service tax/vat tax to GST ( gOODS and service tax.Here, we cover following important points: Administration of GST Registration under GST regime Input tax credit rules under Goods and Service tax Penalty and litigation Revision of return Six month rule Goods and Services Tax -GST Transitional provisions: With Goods and Services Tax (‘GST’) looming, it is vital that all stakeholders understand as to how the GST model law is framed to handle transition from the current laws to the new one. This article aims to explain in brief all the...

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Income tax on Traders : The Easiest guide

Income tax on traders is the guide prepared to cover the issue of income tax on trading in shares, bonds, options. In addition, we cover here speculative and non speculative business losses, carry forward of losses, effect of trading on profit and loss and balance sheet as per income tax law, how to determine turnover limit etc. Income tax on traders Definition of Traders: Trader as per dictionary is defined as a person who buys-sells shares, currency or commodity for himself or on behalf of somebody. Now-a-days they are additionally defined as persons’ who promises to buy or sell...

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How GST will benefit you

Do you know how GST will benefit you ? Are you ready to accept the upcoming law in India. Read this post to know future benefits of GST ( Goods and service tax in India.) How GST will benefit you ? Good and Services Tax (‘GST’ for short) is the single most significant indirect tax reform since the introduction of the Sea Customs Act in the year 1878 by the then British regime. This is for the simple fact that the Victorian concept of seeking to tax multiple events in a commercial transaction is being replaced by taxation of...

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