Income Tax Articles
What is income?
Income is the money an individual receives in compensation for their work, services, or investments. For businesses, Income means revenue that a business generates by selling its goods and services. Revenue is the money earned by a company from selling goods or services throughout its operations.
How to Import Masters and Vouchers to Tally?
To import masters into XYZ Company, you need to ensure that both the options Maintain stock categories and Maintain batch-wise details are enabled in XYZ Company before importing.
Errors in AIS on IT Portal? How to Handle it?
12 July 2022
14846 Views
One of the important documents for verification while Tax filing is the Summary statement of AIS. The Annual Information Statement (AIS), launched last year, is a comprehensive statement containing details of 46 of the financial transactions like Income, Investment, Expenditure happened in a particular Financial Year.
Illustrative Clause 44 Of Form 3CD for FY 2021-22
The Clause 44 of the Form 3CD is effective for Assessment Year 2022-23 i.e. for the Financial Year 2021-22 because the compliance of this clause was kept in abeyance till 31/03/2022 but for all the reports submitted after that date the clause is mandatory.
How to Export Masters and Vouchers from Tally?
You can export masters created in a company, in different formats. You can also choose the type of masters to export.
TDS And TCS under Income Tax
TDS and TCS are the government's most important sources of revenue. It's also critical for businesses to pay their taxes on time to avoid penalties and remain compliant.
What is Tax, Financial & Retirement Planning
Financial Planning and Tax planning are considered to be the same tax, but these concepts are not similar. Both financial planning and tax planning are interconnected.
Statutory Tax Compliance Tracker for the month of July, 2022
Tax Compliance Tracker - July, 2022
New TDS Rules to affect Social Media Influencers and Doctors
27 June 2022
15705 Views
The new TDS section 194R introduced in the Budget, 2022 shall be applicable from 1st July, 2022, requiring a deduction of 10% by any person (resident or non-resident) who provides benefit or perquisite to a resident person in a year exceeding Rs 20,000 shall be liable for TDS under section 194R.
Section 194R: Tax Deducted at Source on benefits or Perquisites
The new section mandates a person, who is responsible for providing any benefit or perquisite to a resident, to deduct tax at source @10% of the value or aggregate of value of such benefit or perquisite, before providing such benefit or perquisite.
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