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Checklist of Compliances to be completed before 31st December 2020

15 Legal Compliances To Be Completed Before 31st December, 2020 Adhering to legal compliances proposed by the Indian government is mandatory for taxpayers in India. Non-compliance with respective due dates as well as related rules may result in imposing heavy penalties by the government of India. Compliances have been difficult especially in the COVID period … Read more

Digital Signature (Dsc) Class 2 Getting Discontinued From 01.01.2021

Digital Signature (Dsc) Class 2 Getting Discontinued From 01.01.2021   Generally, Class 2 Digitally Signature certificates are used for filing documents Income Tax, Registrar of Companies, and VAT, whereas Class 3 Digital Signature Certificates are needed to be e-tendering, which is a procurement that is conducted online. A Class 2 Digital Signature Certificate is available for download … Read more

How To Claim Section 80iac Exemption Under Income Tax Act

How To Claim Section 80iac Exemption Under Income Tax Act The Government through this initiative aims to empower Startups to grow through innovation and design. Tax exemption under Section 80IAC of the Income Tax Act is one of the benefits from the various benefits provided to startups under Startup India Scheme. In this article, we … Read more

know the last date for filing ITR & Tax Audit

LAST DATE FOR FILING ITR & TAX AUDIT   There are various kinds of audits being conducted under different laws such as company audit, statutory audit conducted under company law provisions, cost audit, stock audit etc. Similarly, income tax law also mandates an audit called ‘Tax Audit’. Section 44AB of the Income-tax Act, 1961 contains the provisions … Read more

Penalty Levied For Not Furnishing Return Of Income Under Income Tax Act,1961

Penalty Levied For Not Furnishing Return Of Income Under Income Tax Act,1961 Under the old provisions i.e. Section 271F of IT Act applicable for income tax returns filed up to Financial Year 2016-17, taxpayers who late file their income tax return could be subject to a penalty of Rs.5000. However, the penalty of Rs.5000 for late … Read more

Know if your Liable to pay Advance Tax

Know if you are liable to pay Advance Tax  Every individual has certain responsibilities under different laws and when it comes to the Income Tax Act. One of the primary responsibilities is to pay the required tax on the income earned during the year. There are various ways in which the tax will be paid … Read more