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TDS / TCS New Rules Applicable to Non Filers of Income Tax Returns

The Finance Act 2021 has introduced a new provision relating to withholding tax (Section 206AB) which provides for a higher withholding tax rate in case the vendor to whom the payment is to be made has not filed his tax return for the previous two financial years.

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Return of Outstanding Deposits – DPT 3

On 22nd January 2019, the MCA came up with a new amendment in the Companies (Acceptance of Deposits), Rules, 2014

Every Company other than Government Company shall file a one-time return of outstanding receipt of money/ loan taken by the company but not considered as deposits.

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GST Due Dates Extended in May 2021

GST extension notifications No. 8/2021-Central Tax to 14/2021-Central Tax issued by CBIC on 01.05.2021 by which relaxation has been provided in respect of Various GST Returns and GST Compliances.

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How to Calculate Capital Gains Tax on Sale of Residential Property?

‘Capital Gains’ can be defined as the profits or gains arising from the transfer of capital assets. These are chargeable as the income of the financial year in which the sale or transfer takes place.

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Extension of Certain Income Tax Due Dates on May 1, 2021

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Accounting Standards Applicability for Non Corporates

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Highlights of Schedule III Amendments

In recent years, there have been substantial changes in the reporting requirement by the auditors, but no such corresponding amendments were made in Schedule-III for the preparation of the financial statements.

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Guide to a Successful Financial Audit

Financial audits are one of the biggest reasons why year-end reporting may be stressful. However, these audits establish you as a reliable company in the eyes of banks, government agencies, and shareholders. Generally, a financial audit involves reviewing an organization’s financial statements and related documents to ensure that they are reasonably accurate.

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Remember the March 31, 2021 Tax Deadlines

March 31 is the last date to link aadhaar with your PAN cards. Nonlinking of this will make your PAN inoperative and it will be assumed that your PAN card was not furnished for important transactions.

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NRI’s May Get Lockdown Relief if There is a Double Taxation Issue

The Central Board of Direct Taxes (CBDT) has received various representations requesting for relaxation in the determination of residential status for the previous year 2020-21 from individuals who had come on a visit to India during the previous year 2019-20 and intended to leave India but could not do so due to the suspension of international flights.

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Tax Considerations for E-commerce Business Owners

E-Commerce has grown tremendously in India as more Indians are buying and selling items online. In fact, India’s potential for domestic e-commerce has only flourished in COVID times.

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Budget 2021-22 – Advantages for One Person Company

Ease of compliance requirements compared to a private limited company, and it is also more cost-effective for the small entrepreneur
OPC can transition to a private limited company or public company more easily now

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Budget 2021 Top Level Highlights

Last Date of filing extended to 28th February, 2021. Citizens of age 75 years and above who have only Pension and Interest income – Need not file Income Tax Returns.

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A Special Unit in Income Tax Department Created for Probe into Undisclosed Foreign Assets

In the current scenario, we are now in a universal regime where an automatic exchange of tax information is the latest norm. As a matter of fact, more and more countries and jurisdictions are following the international protocols set by the Organisation for Economic Co-operation and Development (OECD).

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9 Major Advantages of QuickBooks for your Business

QuickBooks is considered to be one of the most powerful accounting software in the industry. It plays a vital role in streamlining accounting practices for small and medium businesses.

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