Can a trader or manufacturer do the business without registering under GST? Yes, a small businessmen can do the business in his state without registering under GST subject to condition that his gross turnover is below Rs 20 Lakhs. Few More Queries & Solution related to unregistered dealers under GST What do we mean by Aggregate… Read More »
Tax audit is a process. There are systematic steps and discipline involved. Tax audits can potentially affect anyone, including self-employed individuals and corporate entities. Though many business owners worry about potential audits, the audit procedure is most often not as stressful as popular culture makes it out to be. Not all returns selected for audit contain… Read More »
Myth that Deduction under Section 80G is 100% allowed/exempted under Income tax is False. Many Donor’s and Tax payers believe that deductions under section 80G are tax-free or fully allowed as deduction from Income tax but in reality only donations given to government or its specified fund like PM Relief, National Relief, Earthquake Relief, National Children Fund… Read More »
Statement “Returns filed electronically are more prone to scrutiny” is wrong. Every year income tax department randomly pulls out the list of people to scrutinize. Also CBDT has laid down the criteria for selection of Income Tax Return for Scrutiny. There are equal chances of getting scrutinized even if you paper file your return. So, there… Read More »
Tax filing is very complicated and needs lot of time and money: False Tax filing is a simple and straight forward process. It can be done in a limited time and needs very limited expertise. The IT department has also appointed many Tax Return Preparers who can do this job for you. Also the assesse himself… Read More »
It is false statement. Income tax department has given two options to Assesses to file their return. Assesses can file their income tax return with a digital signature or without digital signature. If the Assessee files a return with digital signature, then the income tax return filling will be completed at the time he uploads… Read More »
E-filing of Income Tax Return is unsafe is myth and E-Filing of ITR is now compulsory for Income above Rs 5 Lakhs and refund for e-filed return is issued faster than those filed physically. Also E-Filing that is paper less filing is much more accurate, safer and faster and chances of error is very less… Read More »
It is not true that income tax return once filed cannot be revised but only return filed after due date can’t be revised. Every person, being a person specified in S. 139(1), is required to furnish a return of his income on or before the due date. The due date for filing income tax return for corporate… Read More »