What is a HUF?It is defined under the Hindu Law as a family that consists of all persons lineally descended from a common ancestor, including wives and unmarried daughters.This means your membership into a HUF does not come from a contract but from y
FAQS ON DIGITAL SIGNATURE 1. What is a Digital Signature Certificate? Digital Signature Certificates (DSC) are the digital equivalent (that is electronic format) of physical or paper certificates. Examples of phy
BUY BACK OF SECURITIES WHAT is the manner in which the company can buy back its own shares? The company can buy back its shares in any of the following manners: From the existing shareholders on a proportionate basis through the tender offer; From op
Budget 2008: Hopes and fearsWith prices on the rise and our tax structure not adjusted for inflation, the middle-class and lower middle-class segments deserve a sizable tax relief in the forthcoming Budget. Also, industry is justified in demanding a
What is TAN?Ans. TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote TAN in all TDS/TCS returns
Professional skepticism § Professional skepticism is a key element of a quality audit § Professional skepticism means: · Not accepting the evidence you have gathered at face value· Continuing to pursue all avenues of inquiry on the topic at hand
5 easy steps to AIRThe data structure (file format) in which the AIR is to be prepared is given below: Data Structure (File format)Prepare AIR in accordance with the file format in clean text ASCII format. AIR can be prepared using in-house software
ANNUAL INFORMATION RETURN (AIR) Annual Information Return (AIR) of 'high value financial transactions' is required to be furnished under section 285BA of the Income-tax Act, 1961 by 'specified persons' in respect of 'specified transactions' registere
What is e-tax payment?Ans. This is a facility provided to the taxpayers to make income tax payments through internet using net-banking facility. Can I use this facility to pay income tax?Ans. You can, if; a) You have a bank account with net-banking f
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)