Alert – High Value Transactions Flagged
Reading Time: 3 minutes The tax department has introduced the revised Form 26AS (Annual tax statement). Now, Form 26AS contains the details of all high-value transactions. It also helps the taxpayers in filing their return of income without missing any income. But one should be careful in analyzing the same as it can call for notice.
44ADA Presumptive Taxation For Professionals
Reading Time: 3 minutes 44ADA section is a life saver for professionals like doctors, advocates, management consultants etc, however if some of these provisions are not taken care of then it can call for a income tax notice.
Partnership vs LLP
Reading Time: 3 minutes One of the major advantages of choosing a limited liability partnership is its partner’s limited liability. Starting an LLP over the partnership firm gives protection to the partners from being personally held liable. On the other hand, in partnership, any liability can be paid off through the business and personal assets.
The What & Why Of Advance Tax
Reading Time: 3 minutes If you don’t pay advance tax or miss any of the installments, then you shall be liable for the payment of interest under sections 234B and 234C. In this article we understand advance tax and its technicalities.
DIR 3 KYC
Reading Time: 4 minutes Every director holding DIN and fulfilling the specified criteria (as mentioned below) must file DIR KYC -3 mandatorily. If not filed in time there can be a penalty of Rs 5000/-.
