Dear Young Accounting Aspirants, today let us talk on TDS which is also tedious for many of us including Professionals. The full form of TDS is Tax Deducted @ Source. Let us interpret this in more detail. Deducted @ Source means deduction at the time of Transaction; it qualifies as Direct Tax. To make it […]
Our Income Tax Payees –The Salaried in particular have a doubt as to why they should file their returns when tax is already deducted in their Salary. We want our salaried friends to be made aware as to why tax returns are filed. In this context, we would like to clarify that TDS deduction and […]
Dear Salaried Tax Payers are you structuring your salary to get maximum relief from tax payable which is being deducted as TDS every month from your salary. To get relief from taxes, you need to do your homework of proper tax planning of your Salary including flexi allowance and other components which are taxable under […]
Our Income Tax Payees – Business & Professionals in particular have a doubt as to why they should file their returns when tax has already been deducted in their Income. We would like our tax paying friends under the above category to be aware of TDS & Tax Returns and why tax returns have to […]
Dear Young Accounting Aspirants, today let us talk on TDS which is also tedious for many of us including Professionals. The full form of TDS is Tax Deducted @ Source. Let us interpret this in more detail. Deducted @ Source means deduction at the time of Transaction; it qualifies as Direct Tax. To make it […]
The salaried class has a lot to gripe about. They always feel that they get the short end of the stick as far as income tax goes. The bigger fish always go scot-free. Salaried are those who are always caught and punished without much exemption. As a tax practitioner for 27 years, I would say […]
The business/service class feels that keeping books of accounts and other records can be a burden on them. They aver that they will be penalized for lapses that happen unknowingly as they lack expertise in understanding the various sections, meaning and interpretation. There are a lot of businesses and services which file their returns without […]
The issue was ESI applicability on conveyance. The ESI claimed contribution on conveyance. Further to that, ESIC court set aside the claim of ESI on insurance. Aggrieved by the order, ESI approached high court. However, the said appeal has been dismissed by the judgement in the special leave petition by Supreme Court of India, Civil […]
A new round of economic stimulus was announced on June 28, 2021, by Honorable Finance Minister Ms. Nirmala Sitharaman Package worth Rs. 6.29 lakh crores were announced for relief of struggling MSMEs affected by the catastrophic second wave of Covid-19 pandemic. As you may be aware, ECLGS (Emergency Credit Line Guarantee Scheme) was extended till […]
Next in the series is the business entity, foreign liaison office. Foreign companies can open their liaison office in India, but they are not permitted to perform commercial operations like sales or purchase. They can only liaison on behalf of a foreign company. As per FEMA, liaison office means a business to act as a […]