Tax Professional Blogs

SAG Infotech Private Limited introduces Gen TDS software, a critical tool for TDS and TCS return filings. This user-friendly programme, developed to comply with CPC and TRACES rules, is government-approved and includes features including TDS amount pre-determination, interest and penalty computation, late filing fee assessment, and comprehensive TDS return preparation. With Gen TDS, taxpayers may easily and accurately file an infinite number of TDS/TCS returns.

A tax return, often referred to as an ITR form, records your income details. In this system, your income is assessed as a basis for determining your tax liability. You are entitled to a refund if your taxes paid exceed your tax liability. Every year, the ITR must be filed. To calculate your total income, you must consider salary, business income, rental income, capital gains, property, interest income, dividends, and interest payments. In this article, we will discuss the reasons and documents required for income tax returns.

Gen Income Tax Return Filing Software excels with its extensive feature set, offering a cutting-edge solution for all Income Tax Returns (ITR) requirements. Beyond filing, it is a comprehensive income tax administration application that can handle a variety of activities with ease. Gen Income Tax Return Filing Software includes a variety of common features for effective tax management. There are a few specifications that are worth noting, such as ITR computation at your fingertips, ITR software that is both reasonable and dependable, and the ability to save money by filing returns on time.

For an extended period of time, the government permitted taxpayers to submit TDS online using the TRACES website. However, adoption among taxpayers has been limited, partly due to the perceived complexity of the user interface and the difficult nature of the data entry process. As a result, many people have continued to use third-party platforms to post their TDS returns. In order to close this gap, the income tax agency has added a more user-friendly option on its website. This enables taxpayers to file their TDS forms with greater simplicity, making the data submission procedure less onerous.

In today's dynamic and ever-changing business world, effective human resource management is critical to the success of any organisation. Given the rapid growth of technology, a rising number of businesses are using integrated Human Resource Management Systems (HRMS) as well as dependable HR software solutions. This comprehensive blog post aims to investigate the top ten advantages of utilising premium HR software integrated with an HRMS portal. Furthermore, frequently asked questions (FAQs) aid in gaining a thorough understanding of this critical business application.

Mr P. Chidambaram added Section 194IA to the Income Tax Act in 2013, requiring a 1% TDS deduction on property sales to resident Indians. With the exception of agricultural land, this clause applies to various types of immovable property, including residential and commercial properties, plots, and undeveloped land. Notably, TDS is only levied on transactions with a sale price of Rs. 50,00,000 or above, providing some respite to citizens.

In India, TDS is deducted from net amounts by payers and remitted by recipients to the Indian government after they are deducted from net amounts by payers. Tax refunds can be provided by the Income Tax Department if too much has been withheld. In other words, this amount is regarded as a portion of the tax paid. You will find in this post a detailed, step-by-step guide to submitting TDS returns without having to use any specialized software or seek professional assistance.

An audit report needs to be prepared by the person who conducts the audit using standard Audit Forms. There are two forms prescribed in Section 44AB that is 3CA and 3CB. A third form 3CD, must also be submitted by the auditor along with these two forms. The following forms will be discussed in more detail. Tax audit reports will be filed electronically with the Income Tax Department by the CA. Tax audit reports must be approved by the taxpayer after it has been filed by the Chartered Accountant. This post discusses the steps to file form 3CA, 3CD and 3CB using Gen Balance Sheet Software.

We detail numerous government GST Reward Schemes meant for informants uncovering fraud in this comprehensive overview. Informers and government personnel may be rewarded for disclosing and collecting assets connected to unpaid taxes, duties, fines, and penalties, in accordance with the terms of the Central Goods and Services Tax Act, the Customs Act, the Central Excise Act, the NDPS Act, and the Service Tax. The major goal of this post is to explain the many government GST compensation systems for fraud informants, providing in-depth information on numerous key schemes.

In this essay, we will look at the GST Forward Charge Mechanism, its functionality, and the benefits it provides. In addition, we will examine the impact of FCM on small firms and look into ways to reduce compliance expenses. The Forward Charge Mechanism (FCM) is a critical component of the GST system, as it places the supplier in charge of tax collection and payment.

An income tax return is used to report income and taxes to the I-T Department. An individual's tax liability is determined by his or her income. A refund of income tax can be obtained from the Tax Department if excess tax has been paid during a year. An individual or business that earns income during a fiscal year must file a return every year. You can earn income from a business, salary, house property, dividends, capital gains, interest or other sources. This article will guide the various types of income tax return(ITR) forms with important FAQs.

As the electric vehicle (EV) industry anticipates significant expansion, with an estimated $150 billion by 2030, it is critical to examine the application of Goods and Services Tax (GST) to the critical EV charging infrastructure. This investigation goes into the current GST framework for EV services, identifying flaws and recommending legal changes to address them.

Filing the Income Tax Return (ITR) is a crucial obligation for every individual in India falling under taxable income brackets. It ensures legal compliance and fosters financial transparency, contributing to the nation's progress. Explore various methods, both online and offline, for e-filing your income tax return. Additionally, we outline 5 essential ways for taxpayers to fulfil this important requirement.

The Gen CompLaw ROC programme simplifies MCA V3 e-Forms filling with its user-friendly interface, fast response times, and dependable performance. It excels in managing critical tasks, ensuring timely and correct e-filings—essential for meeting statutory compliance under the Companies Act of 2013. Key features include AOC-4, MGT-7, MGT-7A, ADT-1, and LLP e-forms (3,8,11,12,15), which ease registration under the Companies Act 1956/2013.

The validation of a Chartered Accountant through attestation on a certificate or any similar document is very important since it typically implies that the Chartered Accountant, or the company submitting or producing such a document, does not make fraudulent representations. Full-time practising Chartered Accountants (CAs with COP) must first register on the UDIN platform before generating the UDIN for attested documents. In this piece, we've covered some crucial tips for creating UDIN using Gen balance sheet software.

When an individual's professional receipts reach Rs 50 lakhs, opting for the Presumptive Tax under Section 44ADA is beneficial. In such circumstances, the individual must prepare a profit and loss statement, and a balance sheet, and be audited by a practising Chartered Accountant. This page describes the income tax compliance requirements for professionals earning more than INR 50 lakhs in India.

It is mandatory in a corporate setting to disclose your tax-saving investments to your employer at the start of each fiscal year. The preliminary declaration is an estimate that can be revised throughout the fiscal year. Declaring your investments is critical since it has a beneficial impact on your take-home pay. The accurate verification of these investments, however, must be reported only at the end of the fiscal year. If you provide this statement and your income is taxed, your employer calculates and deducts the applicable income tax (TDS) on a monthly basis.

The Indian government collects taxes from income sources via a process known as Tax Deducted at Source (TDS). The payer deducts a specific amount of tax from a recipient's payment, which is then remitted to the government. The TDS applies to a variety of income types, such as commissions, rent, interest on fixed deposits, salaries, and more. It is essential for income payers and recipients in India to understand TDS to prevent tax avoidance. The purpose of this article is to discuss the specifics of the situations that lead to a brief TDS deduction.

Section 62 of the CGST Act 2017 applies to registered assesses who fail to file their GST returns by the deadlines. The appointed officer computes the tax liability, including any applicable interest and penalties, which the registered assessee is required to pay upon receipt of a notice from the relevant authority. Learn about the assessment procedure for non-filers of GST returns under Section 62 of the CGST Act, including information on interest, fines, timelines, and more.

TDS (Tax Deducted at Source) is a method which is used by the Indian government to collect taxes from the sources of income. Payers deduct a particular percentage of tax from payments to recipients, which is then remitted back to the government. A variety of income types are subject to TDS, such as commissions, rent, interest on fixed deposits, salaries, and more. Gen TDS Software is a reliable, accessible, and widely used option for filing TDS and TCS returns. This software is specially designed to comply with TRACES, India, and CPC e-filing standards.

According to recent reports, the Indian government is considering mandating GST e-invoicing for registered enterprises with an annual revenue of more than Rs. 1.5 crore next year. E-invoicing, a secure and structured technique of producing and maintaining electronic invoices, attempts to reduce fraud and evasion. Following the earlier reduction in the turnover limit, which proved advantageous for tax revenue collection, the government is expecting to bring countless enterprises under the GST e-invoicing system.