Revising TDS Returns: Process, Benefits, and Challenges
Revising TDS returns is a critical process that enables taxpayers to correct errors in filed data, ensuring compliance with tax regulations. Below, we explore the key advantages and disadvantages of revising TDS returns, along with the methods for filing corrections both online and offline. Revising TDS Returns: Process, Benefits, and Challenges Advantages of Revising TDS […]
Simplified TDS/TCS Adjustments: New Rules Effective January 2025
Tax compliance is an integral part of financial planning, and recent changes introduced by the government aim to simplify this process for salaried individuals. Starting October 1, 2024, employers are required to consider New TDS/TCS Rules and deductions on non-salary income when calculating TDS on salaries. This initiative, combined with updated reporting mechanisms and enhanced […]
Navigating GST Annual Return Filing: Key Updates and Best Practices for FY 2023–24
The complexities of Goods and Services Tax (GST) compliance continue to evolve with frequent amendments to the law. For FY 2023–24, filing annual returns (Form GSTR 9) and reconciliation statements (Form GSTR 9C) has become a critical process, especially in light of departmental audits. This blog aims to simplify the intricacies of these filings, covering […]
Key Updates on Condonation of Delay for Tax Forms
The Central Board of Direct Taxes (CBDT) recently issued two circulars addressing the updates on condonation delay in filing essential forms under the Income Tax Act. These circulars provide relief to taxpayers and clarify procedural guidelines for claiming exemptions and reduced tax rates. Key Updates on Condonation of Delay for Tax Forms Key Updates in […]
Mastering Monthly GST Returns: A Step-by-Step Guide for GSTR-3B Filing
As a business owner, staying on top of GST filings can be daunting, especially when you’re juggling multiple responsibilities. For entrepreneurs like Rajesh Desai, who is overseeing a growing retail business, GST filing might seem like a never-ending challenge. However, understanding and managing monthly GST returns, particularly GSTR-3B, is critical to maintaining compliance and avoiding […]
Top 10 GST Registration Issues and How to Overcome Them
GST registration is a crucial step for businesses in India, ensuring compliance with the Goods and Services Tax (GST) framework. However, the registration process often comes with its fair share of challenges. Here’s a list of the top 10 common GST registration issues and ways to overcoming GST Registration issues. Top 10 GST Registration Issues […]
A Complete Guide to LLP Registration, Closure, and Annual Compliance
A Limited Liability Partnership (LLP) is a popular business structure in India that combines the benefits of both a partnership and a company. It offers operational flexibility, limited liability, and a separate legal entity. Thus, making it an ideal choice for small to medium-sized enterprises. However, like any business structure, an LLP must adhere to […]
Overview of Rule 164: Waiver of Interest and Penalty Under Section 128A
Rule 164 pertains to the waiver of interest and penalty as introduced in Section 128A, enacted through Section 146 of the Finance Act (No. 2), 2024 (Act No. 15 of 2024), dated August 16, 2024. The procedural guidelines for availing this benefit were notified under Notification No. 20/2024 – Central Tax, dated October 8, 2024, […]
Filing GSTR 9C? Your Complete Guide to Hassle-Free Compliance
Filing GSTR 9C might seem like a daunting task, but with the right preparation and expert assistance, you can navigate it smoothly. This guide walks you through the challenges and solutions to make your filing process seamless and stress-free. Why GSTR 9C Filing Matters GSTR 9C is a crucial part of your GST compliance. It […]
Form 16 Part B: A Vital Document for Salaried Employees in India
Form 16 Part B is an essential document for salaried employees in India, providing detailed information about income, deductions, and tax liabilities. It serves as a certificate issued by employers, detailing salary components, tax deducted at source (TDS), and the tax paid to the government. Form 16 Part B: A Vital Document for Salaried Employees […]