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Penalties for not filing Tax Audit

PENALTIES FOR NOT FILING TAX AUDIT REPORT IN INDIA

Section 44AB OF THE INCOME TAX ACT 1961 requires the firms or entities to get their accounts audited every year by a Chartered Accountant before the due date. The provisions regarding the requirements to get them audited and penalties for non-compliance of the same has been mentioned under the statue.…
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Tax Saving Options for Salaried Employees

Tax Saving Options for Salaried Employees

Making the most of your tax savings as a salaried employee is essential to maintaining your financial security and guaranteeing a happy future. You can increase your discretionary income and drastically reduce your tax bill by utilizing various tax -saving strategies. Let’s discuss tax saving options for salaried employees. Table…
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Strategies to Minimize TDS on FD Interest

Strategies to Minimize TDS on FD Interest

Fixed deposits are a good investment since they can withstand market fluctuations. A 2023 survey found that Indians favour FDs. About 23% of investors use FDs to hedge inflation. Despite their constant returns, FDs must be considered tax-wise. FD interest is taxed as part of an individual's yearly income. Investment…
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belated income tax return (belated ITR Filing)

Belated Return: How to File an Income Tax Return after the Due Date?

The last date for filing income tax returns for the financial year 2022–23 was July 31, 2023. However, if you were not able to file your ITR within the stipulated period, you still have the option to file a late return, also known as a belated return. A belated income…
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LLP Agreement: Key Clauses and Essentials

LLP Agreement: Key Clauses and Essentials

An important document that creates the foundation for the partnership's operations is the Limited Liability Partnership (LLP) Agreement. A successful partnership is built on a solid LLP Agreement, such as the one we're looking at here. It outlines the LLP's organizational structure, duties, and legal foundation. To make sure that…
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FAQ Guide for Businesses & Professionals

Cost Audits: A Comprehensive FAQ Guide for Businesses & Professionals

Welcome to the ultimate guide on Cost Audits! In the world of business, understanding where your money goes is crucial. This comprehensive FAQ Guide for Businesses & Professionals will unravel the mysteries behind cost audits. From what they are to why they matter, we'll walk you through it all in…
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Significant Beneficial Ownership (SBO) Rules

Understanding Significant Beneficial Ownership (SBO) Rules

The concept of significant beneficial ownership under the Companies Act of 2013 has become a pivotal element in corporate governance and transparency. With the layers of various entities like companies or limited liability partnerships (LLPs), the Ministry of Corporate Affairs (MCA) introduced the idea of Significant Beneficial Ownership (SBO) Rules,…
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Registration of Foreign Company in India

Registration of Foreign Company in India

India has a big economy and a lot of people, so it's a great place for international companies to explore new opportunities. India is happy to have foreign companies wanting to set up their businesses here. To register a foreign company in India, you need to follow some rules and…
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Section 263 of Income Tax Act, 1961

Understanding Section 263 of Income Tax Act, 1961: A Comprehensive Guide

Section 263 of the Income Tax Act, 1961 serves as a key mechanism to ensure the proper and just administration of tax laws in India. This rule lets the Commissioner change any decision that seems wrong, harms the government's money, or wasn't properly checked. It gives the Commissioner power to…
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The Evolution of Mediation Practices in Bankruptcy Laws

The Evolution of Mediation Practices in Bankruptcy Laws

The areas of mediation, insolvency, and bankruptcy frequently intersect within the worlds of business and finance, encompassing diverse legal procedures. The purpose of insolvency and bankruptcy frameworks is to effectively address financial difficulties and fulfil debt commitments, whereas mediation serves as a voluntary approach to resolving conflicts. This article explores…
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