Instant PAN Through Aadhaar Based e-KYC

The Income Tax Department has launched a new facility of availing instant Permanent Account Number (PAN) for applicants with a valid Aadhaar. This is a massive improvement over the current process where an individual has to wait for 14 days for the PAN to arrive post filling the application.  Plus, one had to pay Rs […]

Setting up Your Accounts-Part 1

Best Accounting Practices

When you are starting your business handling accounting and compliance can be daunting. There are a few  common mistakes that early stage businesses commit; of course with the right advice you can avoid these pitfalls. Part 1 of this blog looks at setting up your accounting system. Open a Bank Account It is best to […]

Income Tax Assessments

Tax Notice

In our previous blog, we examined the new income tax assessment structure. In this post, we shall look at the various types of income tax assessments conducted by the department.The department selects cases for assessment based on certain parameters. The parameters for FY 18-19 has been published  by the department on 05.09.2019. Under the Income-tax […]

Trade Advances Not To Be Deemed As Dividends

Trade Advances

SECTION 2(22) OF THE INCOME-TAX ACT, 1961 – DEEMED DIVIDEND – CBDT’S CLARIFICATIONS ON SETTLED VIEW OF SECTION 2(22)(e) OF SAID ACT ON TRADE ADVANCES/COMMERCIAL TRANSACTIONS CIRCULAR NO.19/2017 [F.NO.279/MISC./140/2015/ITJ], DATED 12-6-2017 Section 2(22) clause (e) of the Income-tax Act, 1961) (the Act) provides that “dividend” includes any payment by a company, not being a company in which the […]

Filing of Income Tax Returns for Financial Year 2016-17

income tax returns

Yes! It’s time to file your income tax return for the Financial Year 2016-2017. Who should file income tax returns? What is the due date for filing returns? How to claim a refund of TDS deducted? Which tax form is applicable to you? Should a salaried person file income tax returns? These are the questions […]

File Statement of Financial Transaction in Form 61A to Avoid Penalty

Statement of Financial Transaction

Has your company issued shares of more than 10 lakhs in FY 16-17? Has your company issued debentures/bonds of more than 10 lakhs in FY 16-17? Are you required to get your books audited under the Income Tax Act? Have you received cash in excess of Rs 2 lakhs from any person for sale of […]

Changes in Salary Return Form 24Q

Salary Return Form 24Q

The Income Tax Department by way of its Notification No. 30/2016 dated April 29th, 2016 had introduced a new section 192(2D) of the Income-tax Act, (‘the IT Act’) wherein the employer responsible for making the payment of salary was obliged to collect the necessary proof or evidence in Form 12BB to allow any claim for […]

5 Ways To Save Tax For Salaried Employees in FY 2017-2018

Save Tax For Salaried Employees

The Union Budget for the Financial Year 2017 – 2018 proposed some new income tax rates and deductions that have been applicable and in effect since 1st April 2017. Finance Minister Arun Jaitley brought cheers of joy and relief to the individual taxpayers when he reduced the income rate by half to 5 percent for […]

The most frequent problems that business owners face are to do with accounting & regulatory compliance. Entrepreneurs view time invested in doing both as unproductive time.

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