Common ITR filing mistakes that trigger income tax notices: AIS mismatch, wrong form, foreign assets, unverified return, wrong deductions, with fixes and a checklist.
MSME 45-day payment rule under section 43B(h): who is covered, 15 and 45 day limits, disallowance, MSMED Act interest, worked example and compliance steps.
Introduction:Tax Deducted at Source (TDS) is one of the most critical compliance areas under the Income Tax Act, 1961. Despite its regularity and widespread application, deductors often make mistakes that can lead to penalties, interest, and disallowances. This article highlights the most common TDS-related mistakes, ordered from the most commonly used […]
What is Form 26AS? Form 26AS, popularly known as the Tax Passbook is an annual statement in which the details of tax credit against the PAN of the taxpayer are reflected. Various details like TDS/TCS Advance tax/Self assessment tax Refund claims etc Are generally updated in the form on a Quarterly […]
TAX DEDUCTION AT SOURCE ( TDS ) ON CASH WITHDRAWAL ( After Amendment in Sec 194N of the Income Tax Act, 1961 ) Section 194N at Glance
Tax Deducted at Source (TDS) is a mechanism that has been introduced by the Income Tax Department. Under this, the responsible person is supposed to deduct a certain percentage of income as tax before making the payment to the receiver. The payment includes salary, commission, professional fees, interest, rent, etc. Due […]