Tax Professional Blogs

Automation can be used to streamline a number of HR strategies. The time-consuming and essential HR (Human Resources) procedures listed below ought to be automated as part of the standard HR process cycle. such as precise timekeeping and daily attendance records, the hiring process, onboarding new hires, payroll and advantages, skill development and training programs, performance reviews, and so forth.

In this post, we are discussing the recent changes to the Goods and Services Tax, effective from October 1st, 2023. Sections 137 to 162 of the Finance Act, 2023 (the FA, 2023), except Sections 149 to 154, will be in effect from October 1, 2023, as per Statement no. 28/2023-Central Tax dated July 31, 2023. Sections 149 to 154 of the FA, 2023 came into force on August 1, 2023, but they are not covered in this blog.

TDS challans are required for depositing TDS with the Indian government. Each section of the Income Tax Act requires a specific challan for depositing the collected taxes. Taxpayers who wish to pay TDS without a challan must deposit the collected TDS on the same day. This post includes important information about the two types of TDS Challans: TDS Challan 280 and TDS Challan 281.

SAG Infotech provides cutting-edge tax software solutions for CA, CS, and tax professionals who are working in the field of accouting and taxation in India. The company has a complete suite comprised of different software such as Genius, Online Gen GST, Gen CompLaw, and Gen XBRL which are used to streamline the process of filing tax returns. The company navigates intricate regulations that equip tax professionals to operate with high efficiency and unwavering confidence.

In India, Chartered Accountants, Company Secretaries, and tax experts frequently utilise the Gen Balance Sheet. The purpose of this software is to handle and expedite accounting tasks effectively. It makes it simple for users to create profit and loss statements and balance sheets for taxation. Gen BAL also makes tax calculations easier to understand and fills out different tax audit forms easier. Furthermore, sample balances from outside accounting programmes like Tally and Busy may be easily imported by users, saving time and lowering the possibility of mistakes.

SAG Infotech Genius software solution has become the most popular in India due to the filing of tax returns with different rules imposed by the government. The software has helped more than 25,000 clients to quickly file their taxes on time. The company has worked harder to support its clients in meeting all of their requirements and methods. The company offers multiple unique services, including instant ITR filing as soon as the client provides their details, a free trial of 10 active hours, and affordable prices.

SAG Infotech's Genius Tax program is one of the greatest tools which is mostly used by tax experts. This software helps save time, money, and taxes for individuals. This user-friendly software enables various tasks such as tax filing, GST management, and balance sheet creation. It stays updated with the latest tax regulations and rules, ensuring efficient management of financial tasks and continuous improvement through regular updates.

SAG Infotech's Gen Income Tax software, which is in high demand in India, was painstakingly designed to make submitting income tax returns online easier and more efficient. With the help of this outstanding software, tax professionals can accurately and efficiently file their customers' tax returns online thanks to a number of features. Users of Gen Income Tax can calculate arrear relief, create XML/JSON forms, import/export data, choose tax forms with ease, and even enable online e-payment challans. Because of its extensive features, Gen Income Tax has become a vital resource for tax experts throughout India.

The Income Tax Department has made the process of filing Income Tax Returns (ITR) simpler and more efficient for taxpayers in the fiscal year 2023-24 (AY25). To achieve this, the department has introduced three new online forms, namely ITR-1, ITR-2, and ITR-4. These forms can be accessed easily on the department's official website, making it convenient for individuals across the country to file their tax returns. The introduction of these new forms aims to simplify and expedite the tax filing process for taxpayers. The online forms have been available since April 1, 2024, offering taxpayers ample time to complete and file their returns.

Welcome to our information page about TDS (Tax Deducted at Source). This is where you can locate a wide range of news stories and articles that offer in-depth analysis of the tax system. The income tax agency enforces the statutory TDS tax deduction procedure. Understanding whether goods and services are subject to taxes as well as where the deduction of taxes is required is crucial. You can anticipate hearing from the Taxation Council as a taxpayer about any adjustments to TDS or changes to the deduction rates. For all of your information needs pertaining to TDS, our portal is a one-stop shop. In order to facilitate your navigation of the intricate tax system, we strive to keep you informed about the most recent advancements in the TDS system.

An all-in-one solution that makes submitting MCA V3 e-Forms, XBRL, Resolutions, Minutes, Registers, and MIS reports easier is the cutting-edge Gen CompLaw ROC Software. This state-of-the-art technology is intended to assist companies in streamlining their operations and guaranteeing quick and correct XBRL E-Filings, all while adhering to the Companies Act, 2013's legal requirements. This software is different from others in that it has an easy-to-use interface and responds quickly, making it a useful tool for handling important tasks. Gen CompLaw ROC Software is the best option for companies wishing to improve their filing procedure because of its sophisticated capabilities.

Reminder: Individuals must file their income tax returns by July 31, 2024, for the fiscal year that ends on March 31, 2024. This work can be very complex and time-consuming, particularly if it requires you to understand the required disclosures and timetables. It can be difficult to gather all the necessary information and to maintain track of last year's expenses, which increases the risk of missing the deadline. Because of this, a lot of people choose to ask for an extension to file their returns to avoid possible consequences from the tax authorities.

Accurate ITC (Input Tax Credit) in the GSTR-3B form is made easier with the help of SAG Infotech's online Gen GST software. This cloud-based application for submitting returns is helpful. With its innovative automated solution (often referred to as Credit Register in Gen GST Software) created for GSTR-3B, SAG Infotech online cloud-based Gen GST software, a well-known B2B SaaS platform in India, is revolutionizing the tax reporting environment. Table 4. This cutting-edge instrument ensures accurate GST Input Tax Credit reporting in addition to streamlining the return tax filing process.

India's intricate indirect tax system has been made simpler with the introduction of the GST system. The streamlined tax filing procedure brought about by this new tax reform is anticipated to strengthen India's economy. Nonetheless, it is still difficult to file GST correctly and by tax laws throughout India, particularly in areas where there is little knowledge of the tax. As we've mentioned, some aspects clarify the need for GST-compliant billing software.

In this post, we will discuss the career gap, why it is okay to have one, and how to deal with it when looking for a Chartered Accountant (CA) job. We have listed tips for handling a career gap when applying for a CA job, including explaining the causes, being genuine and cheerful, showcasing activities done during the gap, highlighting preparedness, correlating skills to the job, emphasizing value, focusing on achievements, enhancing skills, and avoiding common mistakes during a CA job interview after a career gap. Some of the mistakes to avoid include sharing too much information, ignoring the gap, accusing others, being dishonest, using general explanations, failing to remain updated, underestimating the value of volunteer freelance projects or work, lacking trust, and failing to demonstrate personal and professional growth, and neglecting networking.

In this post, we have covered the basic information on income tax forms 60 and 61 used for reporting income in India. We have also discussed their benefits and drawbacks. These forms serve a specific purpose in financial transactions. For instance, Form 60 is used when an individual carries out transactions that require a Permanent Account Number (PAN) but they don't have one. It verifies their identification and location.

Gen CompLaw Software offers an innovative solution, simplifying company compliance with essential MIS reports such as XBRL, Resolutions, Minutes, and Registers. It facilitates the submission of MCA version 3 e-forms, eliminating technical obstacles. With its user-friendly interface, this software enables seamless completion of compliance tasks for all users.

In the labyrinth of business rules and administrative processes, the Corporate Identification Number (CIN) emerges as a beacon of clarity for companies operating in India. Administered by the Registrar of Companies (ROC) and mandated by the MCA (Ministry of Corporate Affairs), the CIN serves as a distinctive fingerprint for every registered firm, facilitating transparency, accountability, and regulatory compliance. In this article, we embark on a journey to unravel the essence of Corporate Identification Number, its significance, and practical insights into its verification process.

In this exhaustive article, we will guide you through the fundamental components of Indian GST (Goods and Services Tax) fulfilment. We will also give practical insights into how businesses can effectively navigate and streamline their procedures to ensure compliance. Additionally, we will discuss the advantages of e-invoicing for GST compliance, how to use it effectively, as well as the advantages of GST e-way bills. We will also cover the process of generating and managing e-way bills, collecting invoices, credit notes, debit notes, and Input Tax Credit with a timely claiming method, Input Tax Credit (ITC), correct GST itc claims, GST payments and returns filed on time, payment of tax, GST return filing, GST annual return and reconciliation, GST Annual return filing. We will also provide information on correct ITC claims and ensuring that returns are filed on time.

The Compliance portal, located on the Tax Department website, is intended to assist taxpayers in making sure that their Income Tax Returns (ITRs) are accurately completed and that they are complying with all applicable tax rules and regulations. This site, which is easily available to taxpayers at any time, provides extensive information that makes it easier for them to identify and correct any inconsistencies in their online returns. Certain instances of disparities found in the ITRs filed for the Assessment Year 2021–22 (Financial Year 2020–21) have recently come to the attention of the Income Tax Department. Official declarations state that differences, referred to as "mismatches," have been observed between the information contained in tax returns and the department's records pertaining to financial transactions.

For both individuals and corporations, navigating the complicated tax landscape may be a difficult undertaking. However, this process can be made much simpler with the assistance of tax experts. To guarantee that their clients continue to comply with tax rules and regulations, tax specialists provide invaluable counsel. Tax professionals who want to succeed in this industry must have access to cutting-edge tools that make their work easier. Gen Income Tax Software is one such product that has completely changed how tax professionals do their work. This article explores the critical role that this software plays in optimising the workflows of tax professionals and raising the standard of their services.

There are two different sections of 80DD and 80DDB of the I-T Act that provide income tax deductions for medical expenses. They vary with the maximum tax deduction amount that can be claimed. Under section 80DDB I-T act, normal patients and senior citizens can claim a maximum I-T deduction amount of INR 40K and INR 1 lakh, separately. Section 80DD gives a higher tax deduction for the amount of normal disability INR 75K and INR 1.25 lakh for severe disability. To claim the tax deductions related to inability, you have a valid certificate of disability issued by medical authorities. This article will explain the types of saving methods of I-T other than tax deduction 80C for AY 24-25.