TDS, or Tax Deducted at Source, is a way for the government to collect income taxes directly from income sources to reduce tax evasion. Instead of waiting until later, income taxes are taken out when payments are made.TDS applies when businesses pay contractors and subcontractors for work, including labour. This is outlined in Section 194C of tax law, which is important for … [Read more...] about Understanding TDS on Contractors: A Simple Guide to Section 194C
Understanding Permanent Account Number (PAN) and PAN 2.0 Project : A Simple Guide to Everything You Need to Know
The Permanent Account Number (PAN) is one of the most essential documents for anyone involved in financial transactions in India. PAN is required for tax-related activities, investments, banking, and a range of other financial services. Over time, the Indian government has continuously upgraded the system, leading to the introduction of PAN 2.0 project to make the process more … [Read more...] about Understanding Permanent Account Number (PAN) and PAN 2.0 Project : A Simple Guide to Everything You Need to Know
Tax benefits for a disabled person in India
More often persons with disability are not aware of tax deductions available to them. Due to which they end up paying more tax than the actually liability.Below in this article, we have discussed different tax deduction provisions applicable to disabled persons in India.In case of any doubt, we request you to use our comment section below for posting your queries and … [Read more...] about Tax benefits for a disabled person in India
Different form of business – Proprietorship, partnership, private, OPC, public limited and LLP
Form of business is the most important decision that an entrepreneur should take at the time of registration or before starting a business.Based on the ownership, different form of businesses are allowed in India for registration.A business in India can be organized in different forms such as private limited company, OPC, limited liability partnership or LLP, public … [Read more...] about Different form of business – Proprietorship, partnership, private, OPC, public limited and LLP
Income Tax and ROC filing due dates for Private limited companies
All private limited companies incorporated under the companies act 1956 or companies act 2013 are required to compulsorily file their annual return of income and financial statement with Registrar of Companies (ROC) and tax department every year on or before the due date to avoid penalty.If the books of account required to be audited under section 44AB of income tax act, … [Read more...] about Income Tax and ROC filing due dates for Private limited companies