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A Tax Audit is an examination of an organization’s or individual’s tax records to verify that their income tax returns are accurate, complete, and compliant with tax laws. It is conducted to ensure that taxpayers are reporting their income, deductions, and credits correctly, and paying the right amount of tax. In many jurisdictions, tax audits… Continue reading Tax Audit

Audit and Assurance are essential processes that evaluate a company’s financial health, compliance, and performance. They ensure that a company’s financial information is reliable, accurate, and compliant with applicable laws and regulations, providing confidence to stakeholders like shareholders, regulators, and management. Here is an overview of Audit and Assurance services: 1. What is Audit? An… Continue reading Audit and Assurance – Overview

TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) are mechanisms established by the Income Tax Act in India to collect tax at the source of income generation or transactions. Filing returns for TDS and TCS is mandatory for entities liable to deduct or collect taxes and involves submitting details of these transactions… Continue reading TDS and TCS Return Filings

80G and 12A Registration are essential registrations under the Indian Income Tax Act for Non-Governmental Organizations (NGOs), Charitable Trusts, and other nonprofit institutions in India. These registrations grant tax exemptions and provide benefits to both the organization and its donors. Here’s a breakdown of what each entails and how they benefit organizations and supporters: 1.… Continue reading 80G &12A Registration

A Lower Deduction Certificate (LDC) is a certificate issued by the Indian Income Tax Department allowing taxpayers to reduce their Tax Deducted at Source (TDS) rate on certain transactions. Taxpayers request an LDC when they believe that their applicable TDS rate is higher than their actual tax liability, helping improve cash flow and avoid excess… Continue reading Lower Deduction Certificate

The Faceless Assessment Scheme under India’s Income Tax system was introduced to reduce physical interaction between taxpayers and tax authorities, aiming to make the process more transparent, efficient, and less prone to corruption. Here’s a breakdown of what it entails and how it works: Key Features of Faceless Assessment No Direct Interaction: Taxpayers and income… Continue reading Faceless Assessment under Income Tax

Filing income tax returns (ITRs) is an essential responsibility for individuals and businesses to report their income, deductions, and tax liabilities to the government. It’s typically required annually, and timely filing can offer advantages such as eligibility for refunds, facilitating loan applications, and ensuring compliance with tax laws. Key Aspects of Income Tax Return (ITR)… Continue reading Income Tax Return Filings

Direct and indirect taxes are two primary types of taxes collected by governments to fund public services and infrastructure. Here’s an overview of each, along with examples and key distinctions: 1. Direct Taxes Direct taxes are levied directly on individuals or organizations and are paid straight to the government by the taxpayer. The amount paid… Continue reading Direct & Indirect Tax – Overview

Corporate tax is a tax imposed on the net income (profit) of corporations by governments. The exact rate and calculation of corporate tax vary by country, but here’s an overview of how it works, its purpose, and the key considerations: Key Points of Corporate Tax Definition: Corporate tax is a percentage of a corporation’s net… Continue reading Corporate Tax