Category: Blog

The GSTR-9C is an audit form required by the Goods and Services Tax (GST) laws in India. It serves as a reconciliation statement between the annual returns filed in GSTR-9 and the figures as per the audited accounts of a taxpayer. Understanding the penalties associated with GSTR-9C is crucial for businesses to ensure compliance and avoid unnecessary financial burdens. Here we explore the penalties under GSTR-9C, the circumstances under which they are levied, and how businesses can avoid them. Introduction to GSTR-9C GSTR-9C is essentially a reconciliation statement prepared by a…

National Industrial Classification (NIC) codes are statistical standards for developing and maintaining a comparable database for various economic activities. Here at File With CA, we provide this guide with aims to explain the purpose, structure, and application of NIC codes comprehensively. Here, we’ll explore what NIC codes are, and how they are structured, and provide a detailed list of these codes in a format that is easy to understand. Introduction to NIC Codes NIC codes are used to classify business activities in a standardized way across the Indian economy. These codes…

In recent years, the Indian government has made significant strides in promoting a digital economy and reducing cash transactions. One such measure is the introduction of Section 194N under the Income Tax Act, of 1961. This section, which deals with the deduction of tax at source (TDS) on cash withdrawals, has undergone several changes since its inception. Understanding these changes is crucial for businesses and individuals who frequently deal in cash. In this comprehensive article, we will explore Section 194N, its implications, and how to navigate the changes effectively. Introduction to…

Tax Deducted at Source (TDS) is an essential mechanism for the collection of tax in India. It requires the deductor to deduct tax at the source of income and remit it to the government. Adhering to TDS deadlines is crucial for avoiding penalties and ensuring smooth compliance. This comprehensive guide outlines the key deadlines for TDS filing in July 2024 and provides insights into the related compliance requirements. The TDS system in India ensures the collection of tax at the source of income generation. The timely deduction and deposit of TDS…

The introduction of Section 206AB in the Income Tax Act, of 1961, has added a new layer of complexity to tax compliance in India. This section mandates higher Tax Deducted at Source (TDS) rates for individuals and entities who have not filed their income tax returns for the previous two financial years. This article aims to provide a comprehensive understanding of Section 206AB, its implications, and how taxpayers can navigate these new provisions. Section 206AB was introduced to enhance tax compliance and penalize those who consistently avoid filing their income tax…

The growth of e-commerce has revolutionized the way businesses operate and consumers shop. However, with this growth comes the need for stringent tax regulations to ensure proper revenue collection. One such regulation is the Tax Deducted at Source (TDS) on e-commerce transactions. This article delves into the specifics of TDS on e-commerce transactions, explaining what sellers and platforms need to know to stay compliant and avoid penalties. E-commerce has seen exponential growth, especially in the last decade. As more businesses and consumers shift to online platforms, the government has implemented various…

The rapid rise of cryptocurrency has prompted regulatory bodies worldwide to establish clearer tax regulations. In India, the fiscal year 2024-25 brings new Tax Deducted at Source (TDS) provisions specifically targeting cryptocurrency transactions. These provisions aim to streamline tax collection from crypto transactions and bring more transparency to the burgeoning digital asset market. This article will explore the new TDS provisions on cryptocurrency transactions, their implications for investors, and how to navigate these changes effectively. Cryptocurrency has transformed the financial landscape, offering new investment opportunities while posing unique challenges for regulators.…

The fiscal year 2024-25 has brought about significant changes in India’s Tax Deducted at Source (TDS) rates. As businesses strive to comply with these updates, it is crucial to understand the new rates and their implications thoroughly. This comprehensive guide aims to break down the new TDS rates, the context behind the changes, and the steps businesses must take to ensure compliance. Tax Deducted at Source (TDS) is a crucial mechanism in the Indian taxation system designed to collect tax at the source of income generation. This method ensures a steady…

Filing GSTR-3B, a monthly return under the Goods and Services Tax (GST) regime in India, is an essential compliance requirement for businesses. This self-declaration form summarizes the details of sales and input tax credit claimed. After making the payment of the required challan, it’s crucial to file GSTR-3B correctly to avoid penalties and ensure smooth operations. Understanding GSTR-3B GSTR-3B is a simplified summary return of inward and outward supplies. It needs to be filed monthly by every registered taxpayer under GST. The form includes details of taxable outward supplies, eligible Input…

Dividends are a common form of income for investors, typically received from their investments in shares of companies. Understanding the tax implications of dividend income is crucial for efficient financial planning. This article provides a detailed, step-by-step guide on the taxability of dividend income for the Assessment Year (AY) 2023-24, explaining the relevant provisions, rates, and procedures in a clear and easy-to-understand manner. What is Dividend Income? Dividend income refers to the distribution of profits by a company to its shareholders. It is typically paid in cash or additional shares. Dividends…