A Guide to TDS on Contract Payments Under Section 194C TDS (Tax Deducted at Source) is a system where tax is deducted at the time of making certain payments. It helps in early tax collection and reduces tax evasion. It ensures tax collection at the income source. Section 194C of the Income Tax Act, 1961, … Read more
Guide on Preparation and Maintenance of Fixed Asset Register (FAR) Introduction A Fixed Asset Register (FAR) is a critical record that helps businesses track their fixed assets, such as land, buildings, machinery, furniture, and vehicles. Proper maintenance of the FAR ensures compliance with the Income Tax Act, 1961, and the Companies Act, 2013, while also assisting … Read more
Depreciation chart as per Income Tax Act: A Comprehensive Guide Depreciation is a key element in calculating taxable income under the Income Tax Act, 1961. It refers to the decline in the value of an asset due to wear and tear, usage, or obsolescence over time. The Income Tax Act allows businesses to claim depreciation … Read more
Advance Tax: Applicability, Due Dates and Calculation Here’s an easy guide to understand the various provisions of advance tax. Such as what is advance tax, its applicability, calculation, due date & payment of advance tax by a taxpayer. The provision for advance tax is outlined under the Income Tax Act, of 1961, in India. Advance … Read more
Tax Compliance Calendar for the Month of September 2022 In this article, we have prepared a Tax Compliance Calendar for September 2022 related to GST, TDS, TCS, PF & ESI Compliance. We have listed important statutory compliances with their Dues Dates applicable for September 2022. We have tried our best to make this list of compliance comprehensive. … Read more
20 transactions in which quoting PAN mandatory Do you know – What are the transactions where quoting of PAN is mandatory. In this article, you will know list of 20 financial transactions in which pan is compulsory. PAN is a ten-digit alphanumeric number issued by the Income Tax Department. It stands for Permanent Account Number. … Read more
Tax on Cryptocurrency Transactions – 5 Key Points Hello Guys, Tax on Cryptocurrency in India is here. As we all know, before the budget, there was a lot of discussion about cryptocurrency. There was a lot of concern about the future of Cryptocurrency in India. People were worried about – what decision the Indian government … Read more