featured-image-post

Data Retention Policy and Archiving GST Returns

Understanding the GST Portal’s Data Retention Policy The GST Network site has an exclusive data retention policy in place. According to this guidelines, the site has to maintain taxpayer data for seven years. This includes return data, invoices, payments, and other necessary information. The Implication of the 7-Year Retention Period The seven-year retention period has […]

Read More
featured-image-post

How to Easily Open Your Employee Provident Fund (EPF) Account

The Process of Opening an Employee Provident Fund (EPF) Account The Employee Provident Fund (EPF) is a valuable employee benefit provided by employers to support employees after retirement. In order to offer EPF to employees, employers need to be registered with the Employees’ Provident Fund Organisation (EPFO). But how does one go about opening an […]

Read More
featured-image-post

When deciding between the new regime and the old regime, which one should you select? (Old Regime Vs new Regime)

Opting for the new income tax regime in India requires comprehending the fundamental differences between the old and new regimes and evaluating which one aligns more favourably with your financial situation. Presented below is an in-depth manual to assist you in making an accurate decision: Understanding both the Old and New Regimes Old Regime A […]

Read More
featured-image-post

What is Form 10IE and its deadlines? Who will file form 10IE ?

Prior to submitting your income tax return (ITR), it is necessary to submit Form 10IE if you wish to choose the new tax system. The new tax system, which was introduced in the Union Budget 2020, offers reduced tax rates. However, it does not allow for most of the deductions and tax benefits that were […]

Read More
featured-image-post

Who can invest in the National Pension Scheme and what does it mean?

The National Pension System (NPS) is a voluntary, extended-term retirement investment programme in India. The Government of India introduced the programme in 2004, with a primary focus on persons in the unorganised sector and those who are self-employed. The following are essential aspects of the National Pension Scheme: Objective: The main goal of NPS is […]

Read More
featured-image-post

Section 194O of the Income Tax Act

Section 194O of the Income-tax Act, 1961 deals with Tax Deducted at Source (TDS) on payments made to e-commerce participants. It was introduced in the Union Budget 2020 and came into effect on 1st October 2020. Here’s a summary of the key points of Section 194O: Who is responsible for deducting TDS? E-commerce operators like […]

Read More
featured-image-post

The income tax challan rectification process

Login to incometax.gov.in Go to “Services” and click on “Challan Correction”. Click on “Create challan correction request”. Select the attributes which needs to be corrected. For example: Assessment year, major head, minor head Select the “Assessment year” or “Challan Identification Number” (CIN) All the open challans will be displayed on the next screen. You need to […]

Read More
featured-image-post

Detailed Overview of GST Audit: Audit in accordance with the Central Goods and Services Tax Act of 2017

A Goods and Services Tax (GST) audit is a comprehensive review of a taxpayer’s financial records, returns, and compliance with the provisions of the Central Goods and Services Tax Act, 2017 (CGST Act) and its corresponding state GST acts. The primary objective of a GST audit is to ensure that taxpayers are accurately reporting their […]

Read More
featured-image-post

The Influence of the Digital India Act on India’s Gross Domestic Product (GDP)

The Digital India Act (DIA) The Digital India Act (DIA) is a proposed piece of legislation that intends to act as a catalyst for the Indian economy by encouraging more innovation and entrepreneurs while also safeguarding Indian residents in terms of safety, trust, and accountability. The DIA is predicted to have a large direct and […]

Read More
featured-image-post

Income Tax Audit under Section 44AB – Criteria, Audit Report, Penalty

In India, an income tax audit is conducted under Section 44AB of the Income Tax Act, 1961. It is a formal examination of a taxpayer’s financial records and tax return by a chartered accountant (CA) or a tax auditor to ensure compliance with the provisions of the Income Tax Act. Income tax audits in India […]

Read More
Enquiry

    error: Content is protected !!