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TDS / TCS / Business ITR Compliance at a glance
Tax Deducted at Source (TDS), Tax Collected at Source (TDS) and Business Income Tax Return (B-ITR) are 3 important Prime Direct Tax Compliance which every Firm/LLP/Company doing business in India has to comply and follow the Income Tax Act and Rules and Act regulating Tax Deduction on payment of certain specified expenditures namely Salary, Interest, Rent, Dividend, Commission, Brokerage, Professional Fee, Royalti, Compensation, Advertisement, Contract Works and Payment made to Non Resident/Foreign Companies. TDS deduction rate varies expenditure wise as mentioned in Sectins 192 to 196D of the Income Tax Act
Tax Collection at Source (TCS) - Under section 206C of the Income Tax Act, tax has to be collected at source on sale of Category A, B, C & D goods ( namely Alcoholic Liquor, Timber, MInerals, Coal, Iron Ore, Parking Toll, Toll Plaza, Jewellery, Motor Vehicle Valued exceeds Rs 10 lakhs, etc.)
NON COMPLIANCE of Tax deduction and/or Deposit shall attract Interest per month and Non Filing of Return attract per day penalty for each return and Prosecution ( Imprisonment).
Non Compliance Impact on Income Tax Return and Tax Computation as filed.
Failure to deduct the amount of TDS to be deducted or has deducted the TDS but fails to pay the same, the entire amount that was deductible is disallowed u/s 40(a)(ia) for the purpose of computing income taxable income from Business. Therefore on such expenditure Income Tax assessing office charge Income Tax with Interest.
NOW TDS on Purchase/Sale of Property - Purchaser liable to deduct 1% TDS on sales consideration and Deposit with Government. Purchaser shall have to file return and Issue certificate to saler.
GST Compliance in India at a glance
Goods and Services Tax is very important part of business in India today. As only one Tax is apply on all sale of Goods and Services on B2B and B2C .
Post Registration of GST, various compliances are,
- Tax Computations and ITC Adjustement in Books
- Monthly Tax deposit
- Monthly/Quarterly/yearly Return Filing
- Matching and availing Input Tax Credit (ITC) on Return
Check updated balance status on Electronic Ledger on GST Postal
- Uploading correct Invoice details on GST Portal etc.
Any subsequent amendment in GST Registration
Ensure correctness of GST Rate and HSN code on products
GST Accounting and its treate in Profit and Loss Statement and Balance Sheet.
- Stay updated with latest Notifications, Circular and Rule issued
Delay Deposit of Tax attract Interest @ 18% pa and delay return filing cost penalty per day Rs 20/50.
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