Tax Implications of Owning Property in Both the USA and India Taxes
Posted Date : 07-May-2024 , 03:19:40 pm | Posted By
Accelero25
Introduction:
Owning property in both the USA and India Taxes can be a strategic way to diversify your assets and potentially connect to your roots. However, this dual ownership presents a unique set of tax challenges. This blog dives into the tax implications for US citizens or residents living ...
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Category : Income Tax |
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Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny
Posted Date : 26-Apr-2024 , 08:48:24 am | Posted By
S.Mahajan
Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny.
Large Cash Deposits: Any cash deposit exceeding Rs 10 lakh in a financial year across savings accounts draws the attention of the income tax department. Even if deposits are spread across multiple accounts, t...
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Category : Income Tax |
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Advisory on Re-filing of GSTR-3B for some Taxpayers - Re-filing of GSTR 3Bs is now live
Posted Date : 23-Apr-2024 , 08:27:42 am | Posted By
S.Mahajan
The Goods and Services Tax (GST) Department has recently sent out an advisory to specific GST taxpayers about the first chance given to correct errors in their previously filed GSTR-3B forms. This facility was provided due to discrepancies found between the data stored in the GST system and the dat...
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Category : GST |
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Can GST Officer Open GST Web Portal for e- Filing upon full compliance?
Posted Date : 19-Apr-2024 , 06:36:11 am | Posted By
S.Mahajan
The Hon’ble Orrisa High Court in the case of Akshya Kumar Sahu v. Commissioner, Central Goods and Service Tax & Central Excise [Writ Petition (Civil) No. 4644 of 2024 dated February 29, 2024] disposed of the writ petition where Mr. Akshya Kumar Sahu (“the Petit...
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Category : GST |
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What happens if TDS is deducted by employer but not deposited
Posted Date : 17-Apr-2024 , 08:36:05 am | Posted By
S.Mahajan
At times, employees discover that although their salary has been subjected to Tax Deducted at Source (TDS), their employer has not deposited this tax with the government. A judgment from the Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) highlights that it's the responsibility of the empl...
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Category : TDS |
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Delhi Court Sentences 6 (Six) Months Jail for not filing ITR (Income Tax Return)
Posted Date : 13-Mar-2024 , 07:14:25 am | Posted By
CA.Khurana Vivek
Delhi Court Sentences Woman to 6 months Jail for not filing the return of income (ITR) discussed. Accordingly, the accused is held guilty of not filing the return of income for the assessment year 2014-15 under Section 276CC of The Act. Accordingly, the accused is convicted for an offence pun...
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Category : Income Tax |
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Bank Branch Statutory Audit Update - Total Number of Bank Branch Auditors Appointed and Total Number of Branches Audited
Posted Date : 11-Mar-2024 , 10:50:59 pm | Posted By
CA.Khurana Vivek
Bank Branch Statutory Audit Update.
Total Number of Bank Branch Statutory Auditors (Category wise) Appointed and Total Number of Bank Branches Audited .
CLICK ON THE LINK TO WATCH COMPLETE VIDEO,,,, https://www.youtube.com/watch?v=yEy0nBKEseM...
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Category : Bank Branch Audit |
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Payments to MSME vendors
Posted Date : 22-Feb-2024 , 11:43:25 am | Posted By
ANMOLBOHRA
Corporates, Non-corporates or government department all are procuring major part of services or goods from the MSMEs. There are provision under the Micro, Small, and Medium Enterprises Development (MSMED) Act, to ensure that businesses make payments to MSMEs within a specified time frame, and failur...
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Category : Income Tax |
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The Concepts of Turnover, Sales and Gross Receipts
Posted Date : 03-Feb-2024 , 06:52:10 pm | Posted By
ANMOLBOHRA
In the Income tax act, the words “Turnover”, “Gross receipts” and Sales are used at many places. In the common business parlance, the terms sales and turnover are used interchangeably. However, as per Income Tax law, guidelines are available on the question of what constitute...
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Category : Income Tax |
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Delay in Making Payment to Micro and Small Enterprises Means Deferred Deduction
Posted Date : 25-Jan-2024 , 07:55:34 am | Posted By
S.Mahajan
Very Important Income Tax Update regarding Micro and Small Enterprises
Section 43B-any amount remains unpaid on year end to creditors, being micro/small entity, beyond 45 days or less, as agreed or 15 days if no agmt, shall be added to taxable Income resulting in huge additional tax l...
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Category : Income Tax |
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