TAX DESTINATION

The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make a payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source (TDS) would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor. Objective - TDS system provides information about taxpayers and helps tax administration. It helps in recovering tax from the assessees in the year in which the income has been earned. Other objectives of TDS are having a regular cash flow; preventing evasion of tax and minimizing collection expenses. Rates of TDS - TDS shall be deducted at the rates specified in the relevant provisions of the Act or the First Schedule to the Finance Act. However, in case of payment to non-resident persons, t

The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make a payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source (TDS) would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor. Objective - TDS system provides information about taxpayers and helps tax administration. It helps in recovering tax from the assessees in the year in which the income has been earned. Other objectives of TDS are having a regular cash flow; preventing evasion of tax and minimizing collection expenses. Rates of TDS - TDS shall be deducted at the rates specified in the relevant provisions of the Act or the First Schedule to the Finance Act. However, in case of payment to non-resident persons, t

Hello Guys, In today's blog let's see how to file a tax audit report through the Income-tax portal in a detailed step-wise manner. If you haven't read our previous blog on tax audit due dates, form and applicability, kindly refer to the below link- Click here to read our post about "Tax Audit Series FY 21-22 - Due Dates, Forms and Applicability" Step 1 - Firstly the assessee through their login should assign forms to an eligible chartered accountant to file their tax audit report. The taxpayer has to login to their income tax portal through the following link -  https://eportal.incometax.gov.in/iec/foservices/#/login Go to e-File > Income Tax Forms > File Income Tax Forms Search for 3CA-3CD or 3CB-3CD whichever is applicable and click on 'File Now'  Select the Filing Type (Original/ Revised) and select the Assessment Year. Assign CA by adding their membership number. Upload the supporting documents i.e., Balance Sheet & Profit and Loss. Click on

Hello Guys, In today's blog let's see how to file a tax audit report through the Income-tax portal in a detailed step-wise manner. If you haven't read our previous blog on tax audit due dates, form and applicability, kindly refer to the below link- Click here to read our post about "Tax Audit Series FY 21-22 - Due Dates, Forms and Applicability" Step 1 - Firstly the assessee through their login should assign forms to an eligible chartered accountant to file their tax audit report. The taxpayer has to login to their income tax portal through the following link -  https://eportal.incometax.gov.in/iec/foservices/#/login Go to e-File > Income Tax Forms > File Income Tax Forms Search for 3CA-3CD or 3CB-3CD whichever is applicable and click on 'File Now'  Select the Filing Type (Original/ Revised) and select the Assessment Year. Assign CA by adding their membership number. Upload the supporting documents i.e., Balance Sheet & Profit and Loss. Click on

Hello Guys, Welcome to the 3rd part of the Tax Audit Series. In this post, we will have a detailed explanation of the remaining clauses of Form 3CD i.e., Clause 17 to Clause 26. If you haven't read our previous parts in this Tax Audit Series, We are dropping the links here. Please go through these two parts before continuing with the current one. Click here to read our post about "Tax Audit Series FY 21-22 - Due Dates, Forms and Applicability" Click here to read our post about "Tax Audit Series FY 21-22 - Contents and Particulars of Tax Audit Report (Part-1)" Clause 17 - Where any land or building or both is transferred during the previous year for a consideration  less than value adopted or assessed or assessable by any authority of a State Government referred to  in section 43CA or 50C, please  furnish: Details of property Address of Property Consideration received or accrued Value adopted or assessed or assessable Whether provisions of second proviso to sect

Hello Guys, Welcome to the 3rd part of the Tax Audit Series. In this post, we will have a detailed explanation of the remaining clauses of Form 3CD i.e., Clause 17 to Clause 26. If you haven't read our previous parts in this Tax Audit Series, We are dropping the links here. Please go through these two parts before continuing with the current one. Click here to read our post about "Tax Audit Series FY 21-22 - Due Dates, Forms and Applicability" Click here to read our post about "Tax Audit Series FY 21-22 - Contents and Particulars of Tax Audit Report (Part-1)" Clause 17 - Where any land or building or both is transferred during the previous year for a consideration  less than value adopted or assessed or assessable by any authority of a State Government referred to  in section 43CA or 50C, please  furnish: Details of property Address of Property Consideration received or accrued Value adopted or assessed or assessable Whether provisions of second proviso to sect

Hello, This is our 2nd post in the tax audit series. In this blog, We are going to have a discussion about the contents of the tax audit report. Click here to read our post about "Tax Audit Series FY 21-22 - Due Dates, Forms and Applicability" The tax Auditor will give the following information in Form 3CA/ Form 3CB- Name of the assessee, Trade name and Branches, if any. Period for which audit is covered. PAN and Address of the assessee. Tax Auditor's opinion on whether the particulars given in Form 3CD are true and correct. Observations/ Qualifications, if any. Date, Place and Signature. Form 3CD is divided into 2 parts (Part A and Part B) which comprises of a total number of 50 clauses (Clause 1 to Clause 44) which contain certain particulars required to be checked/ audited by the Tax Auditor. PART A of Form 3CD contains 9 fillable clauses (Clause 1 to Clause 8a) PART B of Form 3CD contains 41 fillable clauses (Clause 9 to Clause 44) Clause 1 to 3,6 and 7 of Form 3CD

Hello, This is our 2nd post in the tax audit series. In this blog, We are going to have a discussion about the contents of the tax audit report. Click here to read our post about "Tax Audit Series FY 21-22 - Due Dates, Forms and Applicability" The tax Auditor will give the following information in Form 3CA/ Form 3CB- Name of the assessee, Trade name and Branches, if any. Period for which audit is covered. PAN and Address of the assessee. Tax Auditor's opinion on whether the particulars given in Form 3CD are true and correct. Observations/ Qualifications, if any. Date, Place and Signature. Form 3CD is divided into 2 parts (Part A and Part B) which comprises of a total number of 50 clauses (Clause 1 to Clause 44) which contain certain particulars required to be checked/ audited by the Tax Auditor. PART A of Form 3CD contains 9 fillable clauses (Clause 1 to Clause 8a) PART B of Form 3CD contains 41 fillable clauses (Clause 9 to Clause 44) Clause 1 to 3,6 and 7 of Form 3CD