Filing Income tax returns in India is a mandatory compliance for businesses eligible to pay income tax under the Income Tax Act, 1961. The corresponding rules of the Act prescribes the manner in which such returns must be filed to the Income Tax Department of India. Non- filing, incorrect filing, and late filing of ITR invites a slew of hefty fines and penalties on the defaulter. Since Income tax is a direct tax, its burden has to be borne by the businesses and cannot be shifted on the end consumers. Accordingly, the responsibility of filing returns also lies with the business only.
Under the Income Tax Act, Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are important compliance requirements for taxpayers. TDS is the… Read More »TDS and TCS Liability of Deductor and Its Due Date
The provision to file updated Income Tax Returns has been introduced in the Budget for financial year 2022-23, by adding a new Section 139(8A) in… Read More »Updated Income Tax Returns (ITR-U) u/s 139(8A) of the Income Tax Act
TRACES or TDS Reconciliation Analysis and Correction Enabling System is a web-based platform administered by the Income Tax Department of India. It provides an all-inclusive… Read More »TRACES: Form 26QC Correction using e-verify internet banking
TRACES (TDS Reconciliation Analysis and Correction Enabling System) is a web-based platform administered by the Income Tax Department of India. Its primary purpose is to… Read More »TRACES: Form 26QC Correction using DSC/ AO Approval
TRACES or TDS Reconciliation Analysis and Correction Enabling System is a web-based platform administered by the Income Tax Department of India. It provides an all-inclusive… Read More »TRACES: Form 26QB Correction using e-verify internet banking
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