While filing the ITR,
the salaried people generally disclose their salary income only and forget to
disclose other incomes
In a hurry to file
income tax returns, many a time individuals forget to disclose all income. This
not only shows incorrect picture of your income but a[...]
Majority of the taxpayers think that Income tax filing is
complete once the return is uploaded, but this is not so. After filing your
income tax returns, you need to get your ITR-V (acknowledgement received on
filing ITR) verified. Then the process is complete. Earlier, it was[...]
The ITR that you file is only as good as the source from
which you update the data. Ensuring that the source data is correct is
essential before starting the e-filing process. This includes the tax credit
statement form 26AS.
What is Form 26AS?
Form 26AS is basically a conso[...]
The tax returns season is underway. You must take all steps
to ensure your return filing is error-free. For this, it is important to file
your returns punctually by the July 31 deadline and to keep yourself updated
about any changes in the tax filing norms.
If you wait till t[...]
Income tax filing deadline is near, and some people might
get confused about which form they need to file as they are not aware of the
changes in ITR forms. It is to be noted that if you fail to comply with the new
requirements mentioned, you may get a notice from the Income T[...]
“The only thing that is constant is change”
One must always be updated of the recent changes in their
environment. The same holds true for the tax payers too. Income tax is like an ever-changing
ocean of knowledge which one needs to maintain a constant watch on.
Indian Accounting Standard (abbreviated as Ind-AS) is the accounting standard adopted by companies in India and issued under the
supervision of Accounting Standards Board (ASB) which was constituted as a body
in the year 1977. ASB is a committee under Institute of[...]
“Mr. A, the accountant of XYZ Ltd, Jayanagar had omitted generation of E Way bill for a consignment sent from Jayanagar to Bellandur due to clerical mistake while preparing invoice, showing the consignment value to be Rs 25,000/-, wherein its correct value was Rs 2,50,000/-. &n[...]
During VAT era, it was difficult for the department to
stabilise and track the movement of goods from one place to another because of
the various rules followed by different state. Some states used to generate
e-forms, however, some states were still using manual system which [...]
Introduction of GSTR
2AGSTR 2A is a purchase-related tax return that is
automatically generated for each business by the GST portal.
When a seller files his GSTR-1, the information is captured
in GSTR 2A.
GSTR 2A will be auto-populated from the following returns of