Smart things to know about tax audits | Tax Audits

Smart things to know about tax audits | Tax Audits | Certicom

Tax Audits: Smart things to know about Tax Audits

Tax audits ensures proper maintenance of books of accounts and certification by a tax auditor.

The tax inspector is a taxpayer account with a business from tax revenues such as taxes, etc.

A taxpayer with a turnover exceeding Rs 1 crore in business (or better than tax) more than is required to obtain a Tax Audits.

Tax audits ensure proper maintenance of books and certification by tax auditors.

The tax audit report must be submitted on or before September 30 of the following year in the case of taxpayers who have not carried out international transactions.

If the taxpayer needed to get his books audited fails to do so then he is responsible for paying a fine of 0.5% of his turnover / gross revenue subject to a maximum of Rs 1.5 lakh

Comments

Benefits of Filing ITR on Time - Avoid Penalties & Other Benefits | Certicom

Benefits of Filing Income Tax Return on time – AY 2018-19 1. Easy Loan Approval Registration of ITR will help individuals, when they need to apply for a vehicle loan (2-wheeler or 4-wheeler), mortgages, etc. All major banks can request a copy of the tax return 2. Claim tax refund If you have a refund for your income tax , you will need to submit a tax return to claim the refund. 3. Income and address of evidence Income tax can be used as proof of income and address. 4. Quick Visa Processing Most embassies and consulates must submit a copy of your tax return in the past two years when a visa application is submitted. 5. Forward your loss If you sign up again within the due date, you will be able to claim losses over the next few years, which can be used to receive income from subsequent years. 6. Avoid penalties If you have to return your tax return, you will not be entitled to tax, up to Rs.5,000. 7. Refer to and earn up to Rs. 3000 Refer and get Rs

What is ITR4 Form? | How to fill ITR-4 Form? | Certicom

The report, issued by the Ministry of Finance, the deadline for filing tax returns is extended from 31 July 2018 until 31 August 2018. For the year of assessment 2018-19, the format was changed to include the GST part with detailed financial information. The old tax form ITR-4S was renamed ITR-4. 1. What is the ITR 4 for AY 2017-18 and 2018-19 AY? Form ITR-4 is the tax return form for those taxpayers who have opted for the scheme estimated income under section 44 ad, 44ADA Section and Section 44AE the Income Tax Act. However, if the turnover of the business referred to above is greater than Rs 2 crore, the taxpayer must submit an ITR-third Click here to download the ITR-4 for the assessment year 2018-19 download What is the structure ITR 4 for AY 2018-19 and 2017-18 AY? ITR-4 is divided into: Part A: General information Part B: gross total income of the five chapters Revenue Part C: deduction and the total taxable income Part D: The tax calculation and tax status C

Misconceptions on TDS |Tax Deducted at Source | Certicom

Misconceptions about TDS (Tax denied at source) I recently published articles on TDS for periodic deposits and TDS for the withdrawal of the EPF. I received lots of TDS comments/questions about the amount of the source. I have noticed that there are many misconceptions about TDS. Many investors think that TDS refusal completely removes their tax liability. Another misrepresentation is – “ Without TDS means, without a tax obligation “. What is TDS? The tax amount of the source or TDS is a tax collection process from the tax department. This involves collecting revenue at the very source of income. It is an essentially indirect tax collection method that combines the concepts of “pay as you earn” and “collect as you earned.” Example: You reserve a bank fixed deposit for Rs 3 Lakh for 1 year @ 10% per annum. You will earn an income of interest of 30,000 pounds per year. The bank will deduct TDS at a rate of 10%, for example, 3,000 rubles (10% from 30,000 rubles) and deposi

Certicom

Search This Blog