Income Tax Audit, as the name suggests, is intended at assessing whether an individual or a company has filed their income tax returns, deductions, and expenditures as well other rules that are specified by the Income Tax Act accurately and fairly.  The process of tax auditioning streamlines the computation of tax returns for individuals and

Almost everyone is familiar with a tax deduction of ₹1,50,000 under Section 80C of the Income Tax Act, 1961. Proper fiscal savings benefits most taxpayers, including all the professionals and salaried individuals, to save on taxes. There are a bunch of options under this section as far as claiming tax benefits is concerned, like insurance

Income Tax Returns, or ITR, is a type of form where taxpayers disclose and file their incomes earned in the concerned financial year to the Income Tax Department. All citizens, living in or outside the country, having an income that is taxable or those who meet with the conditions specified by the Income Tax Department

The decision to roll out GSTR-3B was a measure undertaken by the government to relax the necessary requirements for a business to file in their returns. GSTR-3B is a consolidated summary return of all the inbound and outbound supplies (sale and purchase) where the taxpayer isn’t required to mention their invoice details.

Tax Liability is the entire amount of tax that an individual, organization or establishment owes to any central, state or local taxing authority like the International Reserve Service (IRS). In layman’s terms, it is the amount of money that you are responsible for paying the government on the basis of the income that you earn

GSTR-2A is a system-generated purchase tax return for every GST registeredbusiness. GSTR -2A is auto-populatedfrom the GSTR-1, GSTR- 5, and GSTR-6 uploaded by the seller/ supplier. It details the purchases made by a company (purchaser/buyer) for a month.

The highly anticipated Budget 2021 was announced by Nirmal Sitharaman on the 21st of February. Except for a few tweaks here and there, personal income tax has been largely left unaltered. These tweaks are projected to boost compliance among taxpayers and tax experts have welcomed the changes. The approach was of convenience to boost compliance

The government of India provides the taxpayers with many extensions to file their ITR but after all, we’re humans and sometimes we fail to file it within time. The due date for filing ITR for the assessment year of 2020-2021 ended on January 10th, 2021. The usual deadline for filing tax returns for an individual

Input Tax is the tax levied by the supplier (registered taxpayer) for the supply of goods or services or both; to the buyer for the procurement of such goods or services or both- intended or entitled for use towards fulfilling his/her business activities.  The tax constituted on the issued tax invoice could be either by the

The onslaught of the pandemic known as COVID-19 has touched and affected everything. It forced us to maintain a physical distance between each other, making it a requirement for us to find ingenious ways to work around the problem. Tax compliance and accounting, traditionally considered paper intensive projects, are a few of the functions that