#penalty under tds

[cadeveshthakur]

Non-deduction, less-deduction, Non-payment, and short-payment of TDS will attract interest and penalty under the IT Act, of 1962. Learn “How to calculate interest on late payment of TDS/ deduction of TDS”.

[bratzforchris]

Animal

Summary: Unfair ref calls end up getting Matt placed in the penalty box during a game. The best way to relieve his anger afterwards is sitting in the stands and wearing a miniskirt. Based off of this edit<3

Pairing: Hockey player!Matt x implied bimbo and WAG!reader

Warnings: Smut, semi public sex (storage room), dumbification, rough dom!Matt, unprotected p in v, creampie, hair pulling, gagging, masturbation (m), spitting, oral (m receiving), sir kink if you squint, lots of sex/dirty talk, literally pure filth

Word Count: 2.3k

A/N: I don't know anything about hockey, so please bare with me for any inaccuracies!! Get your holy water ready...💗

“Good luck!” You smiled, standing on your tiptoes to kiss Matt’s cheek, despite your white kitten heels. “I’ll see you after the game!”

Matt picked you and spun you around, hand cheekily slipping under your pink miniskirt to grab your ass. “I’m looking forward to it.” he whispered huskily in your ear, secretly suckling on the sweet spot behind the flesh. 

You pressed one last kiss to Matt’s lips outside the locker room before bidding him goodbye and scurrying to the special VIP box in the stands of TD Garden that was specifically reserved for the families and friends, but especially wives and girlfriends of the members of the Boston Bruins. Call it shallow or silly, but ever since you were a small girl you had always dreamed of dating a member of your favorite hockey team. Like many New Englanders, you took hockey seriously, and it seemed only fitting for your prince to have skates and a hockey stick rather than a horse. 

The universe must’ve worked in your favor. You and Matt had been next door neighbors for all of your childhood, and had started dating your senior year of high school, just before he had been signed to the Bruins. Everyday since then had been a dream. You were practically Matt’s personal cheerleader, on the ice and off. When you thought about that, along with his flirty mention from earlier, you felt your cheeks flush as you shifted in your seat and adjusted your skirt. Matt’s favorite way to celebrate (and lick his wounds after a loss) a game was in the bedroom and you doubted tonight would be any different. 

You blushed and adjusted your skirt, excitedly catching up with one of Matt’s teammates’ girlfriend who had been out of town for the last home game. No matter how much you tried to move your mind away from the topic, you couldn’t stop yourself from going back to his promises and the feeling of his hands on your backside. 

As the game got ready to start and Matt skated out onto the ice, you couldn’t help but to stand and cheer, bouncing softly on the balls of your feet as you clapped. You knew that he couldn’t hear you, but when your boyfriend turned and made an ‘I love you’ sign towards the private box, your heart soared. 

⋆𐙚₊˚⊹♡

“Damn.” You cursed quietly, watching the Vancouver Canucks score yet another goal.

The ref for this game was being less than fair, and as Matt lifted his helmet during the second intermission, you could see the agitation etched onto his face. He was making good plays and everyone knew it. You felt your heart drop as you watched him try to contain his anger over the Jumbotron, mumbling small ‘fuck’’s under his breath. Matt put his heart and soul into each and every hockey game, and to not get the outcome he wanted based off of some unfair ref calls sucked. 

As the teams took the ice again, you noticed a change in your boyfriend’s demeanor. Matt always played aggressively, but it was more visible now. With each slide of the puck, he was getting madder and madder, skating around the rink furiously. You nibbled the sides of your light pink acrylic nails furiously, growing anxious yourself. Matt was, by definition, an absolute animal in hockey, and you knew it wouldn’t be long before he snapped. There was a reason his team nickname had been ‘The Burier’ since the eighth grade. It’s what he was known for. 

Sure enough, not even five minutes later, the ref stopped the game as Matt snapped. He had met his limit for shit he would take from the officials and the other team. Calling boarding, the ref forced Matt into the penalty box. Though everyone else seemed to continue on with the game after the call, you watched the box with cautious eyes. The brunette looked absolutely furious as he tossed his helmet and sticks to the side. You wanted to feel awful, to go down there and fight with the ref despite your pink miniskirt and lack of overall sports knowledge, but as Matt’s darkened blue eyes looked up to where you were sitting, you couldn’t feel anything other than excitement at how he would most likely take you home and fuck you until you were crying. 

The game ended quicker than you expected, with the Canucks winning by two goals. As you stood up and gathered your purse and coat, you felt your phone buzz. You knew who it was, seeing as how Matt had just skated into the locker room a few moments prior. 

Matt: get your ass to the storage room near section 20. i’m not fucking waiting until we get home.

You felt your cheeks blush at the way just Matt’s tone in the message had your lacy, white thong already soaked. You popped a piece of strawberry gum into your mouth, knowing Matt absolutely devoured the taste on your tongue like a man starved and began to slide through the crowd to his requested meeting area. Luckily, the frenzy of people trying to exit the arena made it easy for you to go unnoticed. Though you weren’t famous of yourself, you were still extremely well-known and popular in the hockey community, leading people to ask you for photos and autographs, even if you weren’t with your lover. 

The storage room by section 20 was mostly deserted, save for an exhausted janitor sweeping by the vending machines, and Matt. He had changed out of his team uniform and into baggy, gray sweatpants and a forest green hoodie, the hood pulled tight over his brown curls. Even in spite of his ‘disguise’, you would’ve recognized him anywhere. 

“Hey baby,” You hummed, letting out a cute giggle as you leaned into Matt’s chest. “You got a temper today?” You asked innocently, blinking your large, false lashes up at him. 

“The ref was a fucking dick.” Matt cursed, pulling you both into the storage closet and locking the door from the inside. 

The light inside the closet was dim and flickering. That, combined with the small space because of the cleaning supplies, mops, and brooms, and the casual smell of mildew was less than romantic. Nevertheless, you could feel your panties soaking at the sight of the tent in Matt’s gray sweats. Knocking the brooms to the side, Matt pushed you against the wall, flicking your gum out of your mouth and beginning to passionately make out with you. His tongue fought yours for dominance, spit mixing with your lip gloss as it dribbled down your chin. 

“Matt…” You whimpered, knees going weak from all of the good feelings you were experiencing. 

“Already at a loss for words, baby doll?” he chuckled, smirking cruelly. “All you can think about is being a slut, huh?” 

You whimpered and nodded, moving your hands up to push the hood off of Matt’s head and tangle your pink acrylic nails in his feathery hair. “Oh…” You breathed. 

Matt practically pushed you to your knees, tossing your heels to the side and making you kneel. From this angle, he had a perfect view of your cleavage in your babydoll tee, the flowery print cups of your push-up bra peeking over the edge. Your boyfriend began to palm himself through his sweatpants, head thrown back in a moan as he looked at the little protests coming from your pouty lips. 

“You gonna take my cock like a good fuckin’ girl?” Matt asked, tipping your chin up to look at him with his other hand. “Gonna show me who the real winner is today?”

You looked up at him with your head cock, almost like that of a pathetic, lost puppy, before nodding quickly. “Promise.” You smiled with a giggle. 

Matt continued to jerk himself like there was no tomorrow, not caring that his moans were growing louder. “Need to get you ready first,” he mumbled, unhinging your jaw with his ring-clad hand. “Open.” 

You did as Matt asked, watching as he gathered his own saliva and then spit in your mouth, holding your chin closed. You blushed, smiling up at his hard face. Just looking at you was making him grow more sexually frustrated, but he couldn’t stop the warmth that spread through his chest at how adorable you looked on your knees, obeying his demands and ready to suck him off until you gagged. Less than a minute later, Matt had yanked down his plaid boxers and pants, thrusting his dick towards your mouth. 

You slowly took his tip into your mouth, licking circles onto his pretty, pink head that was already dripping with precum. The further you took him into your mouth, the more noises he began to make, fists tangling themselves in your hair as he yanked you closer to him by the hair, desperate for more pleasure. By the time his dick had hit the back of your throat, you were practically gagging as Matt bucked his hips towards your face, cock already twitching as his orgasm grew in his belly. 

“You can take it…” he hissed, pulling on your hair again as you whimpered around his dick. “Yeah, right there. Jesus Christ, princess. Makin’ me feel so goddamn good.” 

The way Matt was fucking your face was angry, like he had been since the ref started making those calls, but it was far from mean. He just had pent up, animalistic energy and it needed a release. Turned out that ‘release’ was you, kneeling and spread like a whore, drool and lipgloss puddling down your chin as you took his cock. You couldn’t make any noises other than small whimpers as grunts as you slid the flat of your tongue across the vein on his underside, but Matt could tell you were enjoying this blowjob as much as he was b y the way your nails were digging into the backs of his legs. 

“‘M gonna cum,” Matt groaned. “Better swallow every last fuckin’ drop of it too.”

You nodded as Matt bucked his hips against your face one last time, orgasm overtaking him. You could feel his cock twitching in your mouth as hot, white ropes of cum shot towards the back of your throat. Your boyfriend pulled off your mouth with a pop, holding your lips closed. Once you had swallowed, you wiped your mouth with the sleeve of your pink cardigan, pouting up at him. 

“You got yours. It’s my turn.” You grumbled cutely.

“You know, it really is true what they say about whores,” Matt snorted roughly. “You’re just a bimbo. Don’t even realize that mouthing off won’t get you what you want.”

You whined, your panties growing soaked once more. “Yes sir.” 

“That’s what I thought,” Matt yanked you up roughly by the arm, pinning you against the wall. Before you knew it, Matt had pulled down your skirt, the fabric fluttering to a puddle around your ankles. He snapped the lacy elastic of your thong against your hip one time before ripping the material off, a sadistic gleam in his eyes. “I’ve been wanting to do this for a long time, y’know…” he trailed off, toying with the material. “Never seemed like the right time, but now, what do I have to lose? You’ve already been face fucked like a slut in a storage room, I lost the game and didn’t have an outlet for my stress, but now? I’m gonna have some fun now.” Matt smiled. 

The brunette pulled your lips open, shoving the white fabric of your panties into your mouth. Before Matt, you had never considered yourself a ‘kinky’ girl. Now though, you felt your lower stomach already clenching at the thought of how obscene what you were doing was. Your all-star hockey player was fucking you in the storage closet of his home arena and you were gagged with your own underwear. It was like something out of porn film, yet that only excited you more. 

“Now I can fuck that little cunt senseless without you making a sound.” Matt smirked, yanking off his hoodie and the shirt under it.

You let out a small whimper around your gag as Matt slammed into you, your back pushed against the cinderblock wall as he railed you. The feeling of him bare inside of you was making your pussy clench with want. Your climax had been building in your lower stomach ever since your boyfriend had sent you that text, and now, it was threatening to send you over the edge as Matt fucked you relentlessly. You whined against your gag again, back arching off the wall. You wanted nothing more than to cry out as you raked your nails across Matt’s tattooed arms and back. 

“Good fuckin’ girl,” the brunette husked in your ear. “Takin’ my dick like a little princess, huh?” Matt was bottomed out inside of you, hissing and grunting at the feeling of you clenching around him. “You gonna cum?” he asked, watching your face as the mascara and other makeup streamed down your cheeks from the tears of overstimulation. 

You nodded, grasping at Matt’s hair, back, anything, desperate for relief as Matt fucked you like an animal. Your orgasm hit you like a truck, the white-hot feeling overtaking your body as you writhed under Matt, back arching off the wall. Your boyfriend groaned as your cunt clenched around his cock, sensual noises falling from his lips as he coated your insides white. 

“Fuck, Y/N…you feel so fucking good.” Matt told you, pressing kisses to your neck as he softened inside of you. 

He removed your gag, moving from your neck to kiss your lips softly, licking up the last drops of your mixed saliva, strawberry gum, and lip gloss. You looked up at him, beyond fucked out and makeup ruined and smiled. 

“Guess you’re an animal on and off the ice, huh?” You blinked, all big Bambi eyes and ruined smiles. 

“You could say that.” Matt chuckled, continuing to press soft kisses across your flushed skin. 

In that moment, you didn’t care about the team’s loss, or Matt’s penalty. He was your winner and you wouldn’t trade him for the world. 

tags ♡: @jake-and-johnnies-slut @chrissfavwh3re @suyqa @chrissturnswife @mbsbaby @herxysc-blog @lovingchrissposts @caffeinatedscorpio @spencereidenthusiast @crazychrisl0v3r @sturnioloxlver @whicked-hazlatwhore @blahbel668 @sturncakez @junnniiieee07 @biggesthat3r @sturniolowhore @patscorner @julesgrl @0strawberrysorbet0 @strombolilovr @matt444nixi @remussbitch @devthepoet1221 @mattyblover07 @loisnotaa @mollyquinnxoxo @graysturns @pepsicolapussy333 @ginswife @emmagirouard @athaliahxoxo @bitchydragonparadise @ilydeaky @soggyslugg169 @m00n-0n-paws @books0fever @stingerayyy2 @sunsetsturniolos @mimi-luvzyu @raysmayhem-72 @faygo-frog @oobleoob @billsslutt @aemrsy

note ♡: if you'd like to be added to my taglist, click here <3

[dhufflebee]

I'm new! whose binotto? How long he was there? What he do to Char?

hi! welcome :) and thanks for the vote of confidence, i'm not sure i'm the best person for the job since i've really gotten back into f1 a couple years ago, but i'll do my best.

i suggest you also do a deep dive into @leqclerc's blog, starting with these 3 posts ( x - x - x ).

mattia binotto was, for better or for worse, a key figure in ferrari up until the end of 2022, when he was let go/fired. he had worked for ferrari as a PU engineer since the schumacher times (not sure about what year he started), and climbed the ranks until he became technical director. due to internal politics - a problem that affects ferrari seemingly endemically - and his own inflated ego, in 2019 he all but forced the scuderia to hand him the role of team principal alongside being TD... and that was an atrociously bad decision, but you know what they say about hindsight.

2019 was the first year for charles leclerc in the team (but let's not forget he had been signed by the previous tp/management) alongside seb vettel; the year wasn't particularly good as a whole, but the car was developed well and the team got 3 wins back to back after summer (including monza with charles, which is A Big Deal). only problem is, in the winter break it came out that ferrari had signed some sort of pact/agreement/whatever with the fia, because apparently the engine had been a bit too much focused on exploiting grey areas of the regulations - both engine and accord being directly linked to binotto in his double role.

so to "protect" this engine project (still to this day nobody knows much about it except that it wasn't outright and wholly illegal), binotto decided not to get penalties & fines like any other team would; instead ferrari was forced by the fia to develop a new, power-limited engine who completely crippled the team in 2020 (and also 2021). the car was horrible to drive, results would not come - seb's and most especially charles's efforts notwithstanding - and internal politics were still rampant. to add fuel to the fire, italian media started a smear campaign against seb, which resulted in him being let go in 2020. a media campaign that started mainly because of results, but binotto's absurd and backwards communication style didn't help, with his tendency to not support, lie to and baby his drivers in statements and team radios.

2021 was a transitory year, last of the regulations - car was slightly better but still bad, nobody was thinking about ferrari much given the wdc fight. only noteworthy thing (and again: hindsight) was that carlos sainz joined ferrari, a driver coveted and handpicked by binotto himself.

2022 was when it all came to a head. new regs were established and apparently ferrari had the best car of them all: the first races were quite the sweep with charles seemingly poised to become wdc with the way he was dominating. except, engine reliability was an issue (not disastrous but charles did lose some wins because of that) and worst of all, the team and the wdc campaign under binotto were handled in the most shitty and maliciously bad way you can imagine. important tidbit: in the beginning, carlos was struggling in the car while charles soared, and it's clear now that binotto hated that and worked like hell to favour the driver he chose. meaning the strategies were amateurish, with wins and podiums lost - usually by charles - due to absurd decisions from the pitwall (wrong tyre choices, driver's suggestions getting blatantly ignored, pit stop fumbles like in monaco, charles constantly getting sacrificed because "he could recover", etc). absolute worst of the worst, ferrari robbed charles at gunpoint in silverstone, a race he was comfortably leading and going to win, until they chose to not pit him and to leave him out on old tyres to be overtaken, handing carlos the victory and kicking charles off the poium entirely. to make matters even worse, binotto wagged his finger in charles's face telling him he had to stay put and enjoy (maybe you've seen pictures, it was the single most enarging moment in a wholly enraging weekend).

that race was really the beginning of the end. i cannot let you understand the amount of hate the scuderia got for that result, from fans (especially charles's) but also from media and other teams who were all absolutely baffled by the team's choice. because you see, at that point of the year charles was still way above carlos in points and was still fighting for the wdc - silverstone basically killed that. firstly because it had been a conscious choice to hand carlos his first career win (something the team had been trying to do for a while), and then because it was the most blatant consequence of a season that should have been vehemently focused around charles (much like 2023!max) and instead saw binotto saying there was absolutely no need to establish hierarchy between the drivers at any point in the season (ignoring the huge gap in points and talent), that the team wasn't actually doing that bad of a job after all, that they still could win (if only it wasn't for the pesky driver who can't be a strategist and mechanic as well... if you read between the lines). binotto and the team never took responsibility for anything, letting the brunt of the mistakes and the failed endeavor to be shouldered by charles, which also warped people's ideas of charles and carlos and the media narrative about them - something you can still clearly see the effect of, and probably always will.

after summer break minor regs changed and any wdc hope charles had slipped away. the car got worse AND was developed more towards carlos's preferences to be more stable and him more comfortable, so as a whole less fast (the same path that produced the 2023 car, a monstrosity that was still developed by binotto as a "last gift"). charles had to fight tooth and nail but became vicechampion at the end of the year - still no hierarchy established, still not a single race in which charles was helped or favoured during his solid wdc campaign. we don't exactly know what happened behind the scenes, but after more than one year we can extrapolate with a good amount of certainty that the situation was very bad, and that at some point there was a concrete risk of charles deciding to quit ferrari - at least if binotto stayed.

at the end of 2022 it was announced binotto would leave the team (meaning not only his undeserved and disastroudly managed tp role, but the admittedly more successful engineering side as well), and alongside him most of his loyal cohort left too, especially those people he'd promoted to high roles with mixed results. after a short while fred vasseur was chosen to be the new tp - a move probably done in part to assuage charles (who, no matter what people say, is still ferrari's greatest asset) but also to bring new life and a new managerial approach to the team. fred basically had to restructure everything, but most importantly he brought a new way of working and communicating inside the team and towards the outside, focusing on honesty and mistake correction - something charles keeps praising (and that still gives hints about how shit the atmosphere must have been under binotto).

all in all, binotto has been a terrible team principal, probably one of the worst in ferrari's history, who got meagre results yet managed to fumble great drivers, cars and engines, the team's reputation - and to nuke an apparently foolproof wdc campaign. impressive, really, if it hadn't been so painful to live through.

[bestprintbuy]

Printing For Real Estate Professionals Moo Canada

Tune into our bi-weekly station for Real Estate Tips, Tricks, Market Value, and Marketing. Real estate marketing postcards bother me somewhat bit with their content material real estate postcards. There are sure issues that you will discover on every card.

We shy away from cookie-cutter communications, utilizing relevant and specific knowledge for every buyer, and making our real estate print marketing exhausting to disregard. Prime Data is understood for its focused strategies and unique real estate promoting concepts that actually work. Real estate postcards showcase your ability to sell new homes and introduce people to your latest companies, listings, and extra.

You need a complicated unsolicited mail automation resolution like PostGrid to ship postcards in bulk to your potential consumers and sellers. The “just sold” postcards are perfect for generating new real estate leads for your corporation. However, there is one significant distinction between just sold and just listed postcards. The former is just interesting to the sellers, unlike just listed postcards which may enchantment to consumers and sellers.

These focused marketing pieces can quickly convey key messages and offerings. Direct mail and postcards have been simple and efficient for decades. Trust our employees of consultants to create a custom postcard for your small business.

Manufacturers or importers who do not meet the sales targets could face penalties under the Canadian Environmental Protection Act through a phased-in strategy. By 2030, the mandate will hit 60 per cent of all gross sales and by 2035, each passenger automobile bought in Canada will must be electric. Additionally, following completion of their post-secondary schooling, recipients might be thought of for full-time employment at TD,” Bear mentioned. The scholarship is a direct response to Call to Action #92 from the Truth and Reconciliation Commission’s report on the legacy of residential schools.

However, when you are planning to deploy a neighborhood real estate marketing technique in a small city or a county you probably can target a broader space. I use Postcard Portables as my main supply of promoting for my pizza store. I actually have chosen this technique of promoting because it offers a shiny, clear, and professional search for my enterprise. The full colour graphic that I am presently using contains a image of my own pizza and is often complimented by my clients. The particular person representing postcard portables in Moncton has been very useful in facilitating the design of my signal in addition to providing immediate service even after regular business hours.

Every business needs advertising and every one seems for better and economical ways to promote ... Powerful, modern, urgency, and trustworthy real estate marketing postcards design for Electrician. ERIKA_design was patient with our requests and did an excellent job making our trailer design flow with the design of our truck.

And since over 90% real estate prospects start their search on-line you possibly can think about why it’s necessary to grow your native model. Getting extra evaluations in your profile will assist with native SEO in addition to prove that you are an authority when it comes to real estate in your goal real estate marketing postcard market. A fast method to get some evaluations on your profile is to ship the evaluate URL of your itemizing as an e-blast to your present clients. Add footage of listings that you've bought over asking together with photos of yourself and your staff.

[legalman1]

TDS Return Filing Services | Accurate, Timely, and Hassle-Free Compliance |LegalMan

 TDS (Tax Deducted at Source) return filing services is a crucial requirement for businesses and individuals responsible for deducting tax before making payments. Here's a detailed overview of TDS return filing services, what it entails, and why it's essential for taxpayers to adhere to regulations.

1. Understanding TDS

Tax Deducted at Source (TDS) is a system introduced by the Income Tax Department in which tax is deducted at the source of income. It is the government's way of collecting tax at the time of generating income. Common examples include salaries, interest on deposits, and contractor payments. The person deducting the tax is known as the "deductor," while the person receiving the payment is the "deductee."

TDS is applicable to a wide range of payments, including:

Salaries

Interest payments by banks

Rent payments

Contractor fees

Commission payments

2. TDS Return Filing: What It Involves

TDS return filing services is a process where individuals or businesses that deduct tax at the source submit a statement to the tax authorities. This statement contains details of the tax deducted and the corresponding payments made to the tax department.

Key components of the return filing process include:

PAN Details: Both the deductor’s and deductee’s PAN must be submitted correctly.

Challan Details: Information about the taxes paid to the government, including the challan number, date, and amount, should be included.

Tax Payment Information: A complete summary of all tax deductions, payments, and deposits must be recorded.

Form Selection: Depending on the type of payment, different TDS forms apply, such as:

Form 24Q for salary payments

Form 26Q for other payments

Form 27Q for non-resident payments

Form 27EQ for tax collected at source (TCS)

3. Why TDS Return Filing Is Essential

Failure to file TDS return filing services can result in severe penalties. Businesses need to ensure that they comply with the guidelines to avoid hefty fines or legal consequences. Here are some key reasons why TDS return filing is crucial:

Compliance: TDS returns are mandatory for businesses or individuals who deduct tax, ensuring they comply with tax laws.

Avoiding Penalties: Failure to file returns on time can attract penalties under Section 234E, with fines of ₹200 per day until the return is filed.

Tax Credit: Properly filed TDS returns ensure that the deducted tax is credited to the deductee's account, avoiding discrepancies during tax assessments.

Transparency: TDS returns create a transparent record of tax deductions, ensuring smooth tax audits and assessments.

4. Common Mistakes to Avoid in TDS Return Filing

Incorrect PAN Details: Providing incorrect or mismatched PAN details is one of the most common mistakes, which can lead to delays and penalties.

Late Filing: Missing the due date can result in penalties, so it’s crucial to stay updated on deadlines.

Mismatch in Challan Details: Ensure that challan details, such as numbers and dates, are accurate to avoid complications during processing.

Ignoring Amendments: Not staying updated with the latest tax amendments can lead to incorrect filings.

5. The Role of Professional TDS Filing Services

Given the complexities of TDS return filing services, many businesses opt to outsource this task to professional service providers. These experts ensure accurate and timely filings, helping businesses avoid penalties and ensure compliance. Key benefits of using professional services include:

Expertise: Tax professionals are well-versed in the intricacies of TDS regulations and can navigate changes in tax laws efficiently.

Time-Saving: Outsourcing TDS return filing allows businesses to focus on their core operations while ensuring timely compliance with tax regulations.

Error Minimization: Professionals reduce the chances of errors in filings, ensuring that all details are correctly reported.

Up-to-Date Compliance: Professional service providers stay updated on the latest changes in tax laws, ensuring your filings are always compliant.

6. Penalties and Consequences for Non-Compliance

Late Filing Fee: Under Section 234E, a late fee of ₹200 per day is applicable until the return is filed, subject to a maximum penalty of the tax amount.

Interest on Late Payment: If tax is deducted but not paid to the government, an interest of 1.5% per month may be levied until the payment is made.

Prosecution: In severe cases of non-compliance, prosecution may be initiated against the defaulter.

7. Conclusion

TDS return filing services is an essential part of tax compliance for businesses and individuals responsible for tax deduction. Ensuring timely and accurate filing helps avoid penalties and ensures the smooth functioning of tax assessments. While the process can be complex, professional TDS filing services provide a reliable solution to managing compliance, minimizing errors, and staying up to date with the latest tax laws.

Regular and accurate TDS return filing helps maintain a seamless flow of tax deductions, credits, and refunds, benefiting both the deductor and deductee in the long run.

[taxblgs]

Don’t Miss Out! TDS Payment Deadlines for FY 2024–25 Explained

Filing TDS (Tax Deducted at Source) returns can be straightforward if you know which forms to use. Here’s a concise breakdown of the essential forms required for different types of transactions.

1. Form 24Q

Purpose: This form is crucial for employers as it reports TDS on salaries.

Key Point: Employers must submit this quarterly to reflect tax deductions from employee salaries.

2. Form 27Q

Purpose: Use this form to report TDS on payments made to non-residents.

Examples: This includes payments such as interest, dividends, and other sums payable to foreign entities or individuals (excluding companies).

3. Form 26Q

Purpose: This form covers TDS reporting in various scenarios, such as professional fees and interest payments.

Application: It's essential for a range of payments outside of salaries.

4. Challan-cum-Statement Forms

Form 26QB: For TDS under Section 194-IA (related to property sales).

Form 26QC: For TDS under Section 194-IB (applicable to lease payments).

Form 26QD: For TDS under Section 194M (payments made to contractors).

Timely Submission

Remember, these forms must be submitted within 30 days from the end of the month in which TDS was deducted. Ensuring timely filing can save you from penalties and maintain your compliance with tax regulations.

Conclusion

Understanding the specific forms for TDS filing is vital for smooth compliance. Choose the correct form based on your transactions to ensure hassle-free returns. Stay tuned for more updates on TDS regulations and best practices!

Read also: How to check your TDS Refund? , Books of account under section 44aa, Notice issue ? get expert help

[alishajoy059]

Major Compliance Requirements Under Income Tax India: A Complete Guide

Navigating India's complex income tax system requires strict adherence to various compliance requirements. This guide covers the essential compliance obligations for businesses and individuals, ensuring that taxpayers understand their responsibilities and avoid penalties.

1. Filing of Income Tax Return (ITR)

All taxpayers, including individuals, firms, and companies, are required to file their Income Tax Return (ITR) annually. Depending on the type of taxpayer, different forms apply:

ITR-1 (Sahaj): For individuals with income from salary, house property, and other sources.

ITR-2: For individuals and HUFs not having income from business or profession.

ITR-3: For individuals and HUFs with income from business or profession.

ITR-4 (Sugam): For those under the presumptive taxation scheme.

Returns are typically filed between July and September of the assessment year.

2. Advance Tax Payment

Those with significant income beyond their salary must pay advance tax in four installments throughout the year:

15% by June 15.

45% by September 15.

75% by December 15.

100% by March 15.

Failure to do so results in penalties under Sections 234B and 234C.

3. Tax Deduction at Source (TDS)

Employers, businesses, and other entities must deduct TDS for specific payments like salary, rent, and contractual payments. TDS should be deposited within the prescribed deadlines, with quarterly returns filed using:

Form 24Q for salary payments.

Form 26Q for non-salary payments.

Form 27Q for payments to non-residents.

4. Tax Audit (Section 44AB)

Businesses and professionals with turnover above specific thresholds must undergo a tax audit. This ensures that the accounts conform to tax laws and accurate tax liability is computed. The tax audit report is filed along with the income tax return.

5. Maintenance of Books of Accounts

Businesses and professionals are required to maintain detailed books of accounts if their turnover or income exceeds certain limits. Proper accounting helps ensure accurate tax calculations and compliance during audits.

6. Form 15CA/15CB for Foreign Payments

Payments to non-residents may require filing Form 15CA and 15CB. This ensures that any applicable tax is deducted before remitting payments overseas.

7. Furnishing of PAN

PAN is mandatory for numerous financial transactions, such as property purchases, mutual fund investments, and bank deposits. Failure to provide PAN may result in higher tax deductions or penalties.

8. Annual Information Return (AIR)

High-value transactions like property purchases, large deposits, or expensive credit card payments must be reported by financial institutions in the Annual Information Return (AIR). This helps the Income Tax Department detect unreported income.

9. Responding to Tax Notices

Taxpayers may receive notices for various reasons such as discrepancies in returns or scrutiny assessments. Timely responses to these notices are crucial to avoid penalties or legal action.

10. Transfer Pricing Compliance

Companies engaged in international transactions with related entities must comply with transfer pricing regulations to ensure transactions are at arm’s length. This includes filing Form 3CEB and maintaining documentation.

Conclusion

Being compliant with India’s income tax laws involves meeting various deadlines, maintaining accurate records, and understanding specific obligations. By staying informed and following these key requirements, taxpayers can avoid penalties and legal consequences.

[financialninja]

Fixed deposit| Simple interest & Compound interest Calculation & their formulas

Hi everyone, and welcome to my channel. Today, I'm going to talk about fixed deposits. Fixed deposit is the most popular way to invest money. In short, it's called FD, where secure lump sum money is invested at a predetermined rate of interest. At the end of the tenure, you get your invested amount and compound interest. FD interest rates remain unchanged by market fluctuations, but the invested amount is typically locked in until maturity. some banks offer premature withdrawal but they charge a penalty for that. With FD, you invest your lump sum amount for a certain period ranging from as small as 7 days to as high as 10 years. Higher interest rates are generally given for longer time tenure.Generally interest is paid every 3 months from the date of deposit. Let's say you opened fd ac on 8th june you will receive next interest installment on 8th September. Interest is credited to your account. This is case of simple FD. However customers can choose to have his interest reinvested in FD account. In this case This deposit is called compound interest FD. In that case interest is paid with invested amount on maturity of deposit at the end of term. Investing in FD gives higher interest than investing in savings account. The interest rate on fixed deposits may not keep pace with inflation, which means that your money may lose its purchasing power over time.

So in india,minimum tax you pay for fd is 10%.this is the rate of tax deducted at source(TDS) on interest earned on fd, if interest earned exceeds 40000 in a financial year. For senior citizens this tds earned is 50000.If your overall income for a year does not fall within overall tax limits you can submit form15G( <60years of age) and 15H (>60years of age). These forms help you receive interest with tax deducted at source (tds).Tax saving fd provide tax benefits under Section 80C of the Income Tax Act. You can claim a tax deduction of up to Rs 1.5 lakh by investing in the tax saving FDs. You can earn fixed returns while saving on the taxes. This FD can be opened in the same way as a regular FD.

[synergic1]

ITNS 280: A Key Component in Income Tax Payments

In the realm of Indian tax compliance, ITNS 280 plays a pivotal role. This form is essential for making various types of income tax payments, and understanding its usage can significantly simplify the tax payment process.

ITNS 280 is a challan used for the deposit of income tax under the Income Tax Act, 1961. It caters to a range of payments, including:

Advance Tax: Payments made in advance based on estimated income.

Self-Assessment Tax: Tax due after filing the income tax return.

Tax on Regular Income: Payments for regular income not covered under TDS (Tax Deducted at Source).

For individuals, firms, and corporations, ITNS 280 is a versatile tool used to settle various income tax liabilities. It ensures that taxes are paid accurately and timely, avoiding penalties and interest for late payments.

Filling out ITNS 280 involves specifying details such as the type of payment, financial year, and the relevant assessment year. The form can be submitted physically at designated banks or electronically through the Income Tax Department's website.

To ensure compliance, taxpayers must be aware of the specific instances when ITNS 280 is applicable. For instance, while ITNS 280 covers a broad spectrum of income tax payments, it does not include payments related to TDS or TCS, which are handled using ITNS 281.

In conclusion, ITNS 280 is a fundamental element of the income tax payment process in India. Understanding its function and proper usage helps maintain compliance with tax regulations and ensures that payments are made efficiently and accurately.

[jjtax]

Avoid Common TDS Filing Mistakes: A Comprehensive Guide 🌟

Ensuring precise TDS filing is essential for staying compliant with tax regulations and avoiding any potential penalties. Mistakes in TDS return filing, such as incorrect PAN details and issues with TDS payment, can lead to significant problems.

This blog highlights common TDS filing mistakes and offers practical solutions to address TDS compliance issues. By understanding these pitfalls and following our guidance, you can navigate the correct TDS filing process and prevent common errors, including TDS certificate discrepancies and incomplete TDS return information.

Common TDS Filing Mistakes

Let’s dive into some frequent blunders that can occur during TDS filing:

Incorrect PAN Information PAN (Permanent Account Number) is critical in TDS transactions. Incorrect PAN details can affect tax credit claims for deductees and lead to penalties for deductors.

Missing TDS Deductions Failing to deduct TDS when required can happen due to misunderstanding or oversight. For instance, payments to contractors above certain thresholds may need TDS. Being aware of these requirements is essential to prevent errors.

Poor Documentation Accurate documentation of TDS deductions, deposits, and filings is essential. Inadequate records can complicate the substantiation of TDS claims during tax assessments. To avoid such issues, it's important to maintain precise records of all TDS-related activities. Proper documentation ensures smooth compliance and audit processes.

Incorrect TDS Rates Applying the wrong TDS rate is a frequent issue. The Income Tax Act outlines different rates for various types of payments. Using an incorrect rate can lead to under-deduction of tax, which might result in penalties.

Failure to Keep Up with Regulatory Changes Tax regulations and TDS provisions often undergo updates and changes. Staying updated with these changes is necessary to avoid non-compliance and potential legal issues.

Late TDS Deposits TDS must be deposited with the government by specified deadlines. Delays in depositing TDS can incur interest and penalties. Many fail to adhere to these due dates, leading to compliance problems.

Discrepancies in TDS Returns TDS returns must correctly show the amount of TDS that has been deducted and deposited. Errors like incorrect PAN details or mismatched amounts can cause reconciliation issues and attract notices from tax authorities.

Missing TDS Certificates Issuing TDS certificates to deductees is mandatory. Failure to provide these certificates or issuing them with incorrect details can complicate the deductee’s tax filing process.

Ignoring TDS Thresholds Not all payments require TDS. There are specific thresholds under the Income Tax Act beyond which TDS is applicable. Ignoring these limits can lead to unnecessary deductions.

If you find TDS compliance challenging, consider seeking help from tax professionals. At JJ TAX, our expertise can guide you through complex TDS requirements and ensure you stay compliant. Ensuring accurate TDS filing is key to avoiding penalties and staying compliant with tax regulations. By recognizing common mistakes and applying the essential strategies outlined, you can streamline your TDS process and prevent costly errors.

JJ Tax

[kanakkupillai-trademark]

A Beginner's Guide to Online TDS Return Filing for Small Businesses

TDS Return Filing Online: A Comprehensive Guide

Tax Deducted at Source (TDS) is a crucial part of the Indian tax system, designed to collect taxes at the very source of income. The concept is simple—any individual or organisation making specified payments like salary, commission, rent, interest, etc., must deduct a certain tax percentage before paying the receiver. This deducted tax is then deposited with the government and accounted for in the TDS return.

All deductors must TDS Return Filing Online within the specified due dates to avoid penalties. Here’s a detailed guide on how to do so.

What is TDS Return?

A TDS return is a quarterly statement a deductor must submit to India's Income Tax Department. It contains details of the TDS deducted and deposited during the quarter. There are various forms used for different types of TDS deductions:

Form 24Q: TDS on salary

Form 26Q: TDS on payments other than salary

Form 27Q: TDS on income for payments made to non-residents

Form 27EQ: TDS on the collection of tax at source

Steps to File TDS Return Online

Gather the Required Documents and Information:

TAN (Tax Deduction and Collection Account Number)

PAN details of the deductor and deductees

Details of tax payment (challan details)

TDS certificates (Form 16, Form 16A)

Valid TDS statements (in .txt format) are prepared using a software utility like the File Validation Utility (FVU) provided by NSDL.

Register on the Income Tax E-Filing Website:

Visit the Income Tax Department’s e-filing portal https://incometaxindiaefiling.gov.in.

If you are a first-time user, you must register using your TAN.

Registered users can log in using their credentials.

Download and Prepare the TDS Return File:

Download the applicable TDS return preparation utility (e.g., RPU) from the NSDL website.

Input the relevant details, such as deductor’s and deductee’s information, tax paid, etc.

Validate the file using the File Validation Utility (FVU) provided by NSDL.

The validated file will be saved in the .fvu format.

Upload the TDS Return File:

After logging in, go to the ‘TDS’ section and select ‘Upload TDS.’

Enter the required details, such as the financial year, form name, and quarter.

Upload the .fvu file, along with the signature file if needed.

Click on ‘Submit.’

Verification of the Return:

After uploading, the return must be verified using the Digital Signature Certificate (DSC) or an Electronic Verification Code (EVC).

A confirmation receipt will be generated upon successful verification.

Check the Status of the Return:

You can track the status of your TDS return by visiting the ‘View Filed TDS’ section on the e-filing portal.

It is advisable to keep the acknowledgement number handy for future reference.

Due Dates for TDS Return Filing

Timely filing of TDS returns is essential to avoid penalties. Here are the due dates for different quarters:

Q1 (April to June): 31st July

Q2 (July to September): 31st October

Q3 (October to December): 31st January

Q4 (January to March): 31st May

Penalties for Late Filing

The consequences of not filing your TDS returns on time can be severe:

Late Filing Fee: Under Section 234E, a fee of ₹200 per day is charged until the return is filed, subject to the maximum TDS amount.

Interest: Under Section 201A, if the TDS is not deducted or, after deduction, is not paid to the government within the due date, 1.5% per month is applicable.

Penalty: The Assessing Officer may levy a penalty ranging from ₹10,000 to ₹1,00,000 if the deductor fails to file the TDS return.

Conclusion

TDS Return Filing Online is a vital compliance requirement for businesses and individuals. Following the steps outlined above, you can ensure that your TDS returns are filed accurately and on time. Staying updated with the due dates and being diligent in filing can help avoid penalties and ensure smooth tax compliance.

[slnconsultancy]

Tax Implications on PF Withdrawals: What to Expect

SLNConsultancy #SLNPFConsultancy #SLNESIConsultancy #SLNPFESIConsultancy #PFConsultancyHyderabad #PFConsultancyNearMe

Withdrawing from your Provident Fund (PF) is an important financial decision, especially when considering the tax implications. Understanding the tax rules related to PF withdrawals can help you make informed choices and avoid unexpected liabilities. Here’s a detailed guide on what to expect when it comes to tax implications on PF withdrawals.

Tax Implications on PF Withdrawals

Withdrawal After 5 Years of Continuous Service Withdrawals made after completing 5 years of continuous service with the same employer or different employers (if the PF balance is transferred) are tax-exempt. The 5-year period includes any period for which the PF was transferred to a new employer.

Withdrawal Before 5 Years of Continuous Service Withdrawals before completing 5 years of continuous service are subject to tax. The amount withdrawn is added to your income and taxed according to your income tax slab for that year. Here are the components of PF that will be taxed:

Employee’s Contribution: Added to your income and taxed as per your applicable slab. Employer’s Contribution and Interest Thereon: Taxed as “profits in lieu of salary.” Interest on Employee’s Contribution: Taxed as “income from other sources.” However, there are some exceptions where early withdrawals may not attract tax penalties:

Employee’s Health: Withdrawals due to medical emergencies or incapacitation. Employer’s Business Closure: If the employer’s business is shut down. Other Specified Reasons: Withdrawals for specific purposes like marriage, education, house construction, or purchase.

TDS on PF Withdrawals Tax Deducted at Source (TDS) is applicable on PF withdrawals before 5 years of service if the amount exceeds ₹50,000. The TDS rates are as follows:

With PAN: 10% TDS is deducted. Without PAN: 30% TDS is deducted. Form 15G/15H Submission: If your total income is below the taxable limit, you can submit Form 15G or Form 15H to avoid TDS.

Tax on Partial Withdrawals Partial withdrawals from PF for specific reasons such as marriage, higher education, home purchase, or medical emergencies are generally tax-exempt. However, these withdrawals must meet the criteria and limits set by the EPFO.

Calculation of Tax on PF Withdrawals To understand the tax implications better, let’s consider an example. Suppose you have withdrawn ₹1,00,000 from your PF before completing 5 years of service. Here’s how the tax will be calculated:

Employee’s Contribution: ₹40,000 (added to your income and taxed as per your slab) Employer’s Contribution and Interest Thereon: ₹50,000 (taxed as “profits in lieu of salary”) Interest on Employee’s Contribution: ₹10,000 (taxed as “income from other sources”) Assuming you are in the 20% tax slab, the total tax liability would be calculated based on the sum of these amounts added to your income.

Impact on Tax Filing When you withdraw PF before 5 years, the EPFO will issue a TDS certificate (Form 16A) for the tax deducted. You need to include the withdrawn amount and the TDS in your income tax return. Ensure you claim the TDS amount while filing your return to avoid double taxation.

Conclusion Understanding the tax implications on PF withdrawals is crucial to make informed financial decisions. Withdrawals after 5 years of continuous service are tax-free, while early withdrawals can attract significant tax liabilities. Keeping track of the conditions under which withdrawals are made and maintaining proper documentation will help you navigate the tax landscape efficiently. Always consider consulting a tax professional if you have specific questions or complex situations regarding your PF withdrawals.

[nsskca]

NSSKCA: Simplifying Income Tax Return Filing

Filing income tax returns (ITR) is an essential obligation for all taxpayers in India. At NSSKCA, we understand the intricacies and challenges involved in the Income Tax Return Filing process. This comprehensive guide aims to simplify the process, ensuring that you can file your returns accurately and on time.

Importance of Filing Income Tax Returns

Filing your income tax return is not just a legal requirement but also brings several benefits:

Legal Compliance: Avoid legal penalties and stay compliant with the tax laws.

Financial Proof: Acts as proof of income for various financial transactions, including loan applications.

Refund Claims: Eligible for tax refunds if excess tax has been paid.

Loss Carry Forward: Helps in carrying forward losses to subsequent years, reducing future tax liabilities.

Visa Processing: Required for visa applications to prove your financial stability.

Key Steps in Filing Income Tax Returns

1. Gather Necessary Documents

Before starting the Income Tax Return Filing process, gather the following documents:

PAN Card: Permanent Account Number is essential for all tax-related activities.

Form 16: Issued by your employer, it contains details of your salary and TDS.

Form 26AS: Annual tax statement that includes details of tax deducted and deposited.

Bank Statements: Reflecting your income and investments.

Venture Verifications: Reports for derivations under Segment 80C, 80D, and so on.

Other Income Proofs: Income from other sources like interest, rental income, etc.

2. Choose the Correct ITR Form

Selecting the appropriate ITR form is crucial. Here are the common forms:

ITR-1 (Sahaj): For individuals with income up to ₹50 lakh from salary, one house property, and other sources.

ITR-2: For people and HUFs not having pay from business or calling.

ITR-3: For people and HUFs having pay from business or profession.

ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLP) opting for presumptive taxation scheme.

3. Download and Fill the Form

Download the relevant ITR form from the Income Tax Department's website. Fill in the details accurately, including personal information, income details, deductions, and tax payments.

4. Validate and Submit

After filling the form, validate the information. Guarantee all obligatory fields are filled and there are no blunders.Submit the form electronically on the Income Tax e-filing portal.

5. Verification

Once submitted, verify your ITR using one of the following methods:

Aadhaar OTP: OTP shipped off the enlisted portable number connected with Aadhaar.

EVC: Electronic Verification Code sent to your registered mobile number and email.

Net Banking: Verify through your bank’s net banking account.

Digital Signature Certificate (DSC): For those who have a DSC.

Common Mistakes to Avoid

Incorrect Personal Information: Ensure PAN, name, and address details are correct.

Choosing the Wrong ITR Form: Select the form that matches your income sources.

Not Reporting All Income: Report all sources of income to avoid penalties.

Skipping Deductions: Claim all eligible deductions to reduce your tax liability.

Not Verifying ITR: Ensure to verify your return within 120 days of filing.

Assistance from NSSKCA

At NSSKCA NBFC Services, we offer expert assistance to ensure a hassle-free income tax return filing experience. Our services include:

Tax Consultation: Personalized advice on tax planning and optimization.

Document Preparation: Assistance in gathering and organizing necessary documents.

ITR Filing: End-to-end support in preparing and filing your income tax returns.

Post-Filing Support: Help with any queries or issues post-filing, including refunds and notices.

Conclusion

Filing your income tax return is a critical financial responsibility. With NSSKCA, you can navigate the complexities of the income tax return filing process with ease and confidence. Ensure compliance, maximize your benefits, and avoid penalties by partnering with us for your tax filing needs.

[taxfilrr]

Best Tax Consultants in Bangalore with Taxfilr

Who is required to pay income taxes and who is not? Anyone with a gross annual income of more than 2.5 lakh rupees is required by law to file an income tax return, according to the Tax Department of India. Best tax consultants in Bangalore this level is not 2.5 lakhs per year for senior persons.

About Texfil: According to the Companies Act of 2013, TaxFilr is a product registered under E-Pro TaxFilr Technology Solutions Pvt. Ltd. It is one of the top suppliers of professionally prepared electronic tax returns in India as well as a platform for business advisory services. Best tax consultants in Bangalore our group has committed itself to making tax matters easier for both individuals and companies. Our dedication to simplifying tax files, providing knowledgeable solutions, and offering continuous support—from audits to year-round tax consulting assistance sets us apart.

Expertise and knowledge: Chartered tax advisers can ensure that you obtain accurate, reliable advice that is tailored to your specific circumstances because tax consulting services they have received significant training and have a deep understanding of tax laws.

Maximizing tax efficiency: They can help you navigate the numerous credits, exemptions, and deductions that are available to you by applying their knowledge, tax consulting services saving you from having to pay more in taxes than necessary.

Compliance and risk mitigation: By keeping abreast of the constantly changing tax rules and regulations, tax consultant near me the Taxfilr offers all the income tax consultants in Bangalore to make sure you maintain compliance with HMRC criteria.

Personalized tax planning: They take strong action in handling your tax affairs to reduce the likelihood of you facing penalties and fines for non-compliance. Tax consultant near me For a long time.

Time and resources savings: Hiring experts to manage tax-related procedures will allow you to concentrate on your main business operations while freeing up valuable time and resources. Efficiency and production will increase as a result.

Proactive tax advice: They provide you with proactive advice from tax advisers throughout the year, not just during tax season. They help you by being proactive in predicting the tax implications of your decisions and creating plans to effectively reduce tax expenses.

Representation in tax matters: In the event of a tax audit or disagreement with HMRC, the tax filers offer the greatest service because their income tax expert can be a wonderful resource for support and representation. Best tax consultants in Bangalore They speak with tax authorities on your behalf, protecting your rights and securing the best possible result.

Peace of mind: By hiring a tax consulting service by Taxfilr, with their services you may feel secure in the knowledge that experienced professionals are handling your tax matters. You can be sure that a reliable advisor is assisting you at every turn, whether you're handling compliance issues or negotiating intricate tax matters.

Our Services:

E-File Income Tax Return

TDS Return Filing

Tax Planning

NRI Tax Services

Tax Consultation

Tax Notice Handling

Tax Audit

GST Registration

GST Return Filing

Our Mission:  Our goal is to increase our clients' recognition and foster a sense of loyalty to our business by providing them with professional services that are Fast, Accurate, and Affordable. Planning tax-effective solutions to lawfully decrease your tax situation is our specialty, and we achieve this through the following actions.

[rpacpc]

Why 206AB Compliance Check Should Be Your Top Priority in 2024

In today’s ever-evolving business environment, compliance with regulatory requirements is more important than ever. As we head into 2024, Section 206AB compliance has become a priority for organizations aiming to avoid penalties and remain efficient This article examines the reasons for a 206AB compliance audit at the top of your 2024 priorities.

Rationale Section 206AB: Overview

Section 206AB introduced under the Income Tax Act is a special provision for deduction of tax at source (TDS) for non-filing of income tax returns mandates higher rate of TDS for non-returns tax returns for last two years and have total TDS of ₹50,000 or more in any of these years. This provision aims to encourage compliance and expand taxation by eliminating common taxation.

Which means they didn’t follow the rules

Failure to comply with section 206AB can have many negative consequences. Companies may face the following:

i]. Higher TDS Rates: Non-compliant entities are subject to higher TDS rates, which can significantly affect cash flow.

ii]. Penalties and Interests: In addition to higher TDS, companies will incur penalties and interest for the amount of tax not paid.

iii]. Reputation Damage: Consistent non-compliance can damage a company’s reputation, affecting relationships with customers and stakeholders.

iv]. Operational Disruption: The operational burden of operating in non-compliance cases can divert resources from core operational activities.

206Ab Steps To Ensure Compliance

i]. Regularly Check That It Has Not Been Filed

It is important to keep an up-to-date list of vendors and customers and monitor compliance on a regular basis. Check the return filing status of the companies you are dealing with using the Income Tax Department portal.

ii]. Update The Internal Settings

Include compliance checks in your budgets. Automate the non-filer identification process to ensure applying the correct TDS rate without manual intervention.

iii]. Communicate With Vendors And Customers

Proactively communicate with your vendors and customers about the importance of providing their tax returns. Encourage them to remain compliant to avoid further TDS deductions on their payments.

iv]. Get Professional Advice

Because of the complexities involved, consider seeking the advice of a tax professional. They can provide guidance on the latest regulations and help ensure your business stays compliant.

The Role Of Technology In Ensuring Compliance

i]. Automation Of Tools

Automation tools can be used to streamline the compliance process. These tools can help with:

Data Integration: gathering data from different sources to identify organizations that do not match.

Real-Time Monitoring: Continuously monitors compliance and alerts you to any changes.

Reports: Create detailed reports to track compliance activities.

i]. Ai And Machine Learning

Artificial intelligence (AI) and machine learning (ML) can improve the accuracy of compliance investigations. These technologies can analyze big data sets to identify patterns and predict potential compliance issues before they arise.

Training And Awareness

i]. Staff Training Program

Educate your employees about the importance of 206AB compliance. Regular training can ensure that your team is aware of the latest regulations and knows how to properly implement them.

ii]. Workshops And Meetings

Attend workshops and meetings of tax authorities and trade unions. These events can provide valuable insights into the latest trends in compliance and best practice.

206Ab Compliance Benefits

i]. Avoiding Punishment

By staying compliant, businesses can avoid expensive fines and interest charges, thereby protecting their financial health.

ii]. Creating Trust

Compliance builds trust with customers, vendors and regulatory agencies. It means you are engaged in lawful and ethical business practices.

iii]. Operational Efficiency

A robust compliance system can streamline operations by reducing the administrative burden of managing compliance issues.

Challenges To The Implementation Of 206Ab

i]. Complex Rules

The dynamic nature of tax laws can make compliance difficult. Businesses have to constantly change and adapt.

ii]. Increased Consumption

Ensuring compliance can be resource intensive, requiring considerable time and effort to monitor and manage.

iii]. Data Processing

Monitoring large amounts of data is crucial to ensure accuracy and compliance. Any discrepancies could lead to compliance and fines later on.

Future Trends In Compliance

i]. Widespread Use Of Technology

The future of compliance sees an increasing reliance on technology. Automation, AI and ML will play a key role in ensuring successful and efficient processes.

ii]. Strict Rules

As governments around the world focus on increasing tax revenue, we can expect stricter enforcement measures. Companies must be prepared to adapt quickly to these changes.

iii]. Global Compliance Standards

With globalization, companies will need to meet compliance standards not only domestically but also internationally. This will require a comprehensive approach to compliance.

How You Will Continue To Lead Us In 2024

i]. Invest In Technology

Investing in the latest technology can give your business a competitive edge. Automation tools, AI, and ML can streamline the compliance process and reduce the risk of non-compliance.

ii]. Continuous Learning

Stay updated on the latest laws and compliance. Regular training and participation in industry events can help you stay ahead of the curve.

iii]. Professional Counseling

Contact tax professionals and advisors to review the challenges of 206AB compliance. Their expertise can help you implement effective compliance strategies.

Conclusion

As we head into 2024, ensuring 206AB compliance should be a top priority for businesses. The implications of non-compliance are considerable, affecting not only financial health but also reputation and productivity. By understanding requirements, leveraging technology, and fostering a culture of compliance, businesses can overcome the challenges of Section 206AB and thrive in a highly regulated environment. Stay active, stay informed, and make 206AB compliance the cornerstone of your 2024 business strategy.

[financeguidebangalore]

A Comprehensive Guide to Income Tax in India (2024): Everything You Need to Know

Introduction

Income tax is a pivotal component of India’s financial system, serving as a primary revenue source for the government. This guide aims to provide a comprehensive overview of income tax in India for the financial year 2023-24, including its structure, rates, filing procedures, and benefits.

Understanding Income Tax on Income in India

What is Income Tax?

Income tax is a direct tax imposed by the government on the income earned by individuals and businesses. The tax is calculated based on the income slab rates determined by the Tax Department of India. It helps fund various public services, infrastructure projects, and government schemes aimed at the welfare of the citizens.

Who is Liable to Pay Tax?

Individuals: Including salaried employees, self-employed professionals, and freelancers.

Hindu Undivided Families (HUFs): A family consisting of all persons lineally descended from a common ancestor.

Companies: Both domestic and foreign companies operating in India.

Firms: Partnerships and LLPs.

Associations of Persons (AOP) and Body of Individuals (BOI).

Trusts: Including charitable and religious trusts.

How to Calculate Income Tax?

Determine Gross Total Income: Sum of income from all sources – salary, house property, business or profession, capital gains, and other sources.

Claim Deductions and Exemptions: Subtract eligible deductions under various sections such as 80C, 80D, 80G, etc.

Compute Taxable Income: Gross Total Income – Deductions

Apply Relevant Tax Slabs: Apply the applicable tax rates based on the income slab.

Account for Tax Rebates: Apply rebates, if any, such as under Section 87A.

Add Surcharge and Cess: Include any applicable surcharge and 4% health and education cess.

Deductions and Exemptions Income Levy.

Deductions and exemptions play a crucial role in reducing the tax liability of an individual. Some of the common deductions available under the Tax Act are:

Section 80C

Investments in instruments like Public Provident Fund (PPF), Employees’ Provident Fund (EPF), National Savings Certificate (NSC), and life insurance premiums qualify for deductions up to ₹1.5 lakh.

Section 80D

Premiums paid for health insurance for self, spouse, children, and parents can be claimed as deductions. The limit is ₹25,000, which increases to ₹50,000 for senior citizens.

Section 24(b)

Interest on home loan for a self-occupied property can be claimed up to ₹2 lakh.

Section 80E

Interest on an education loan for higher education is deductible without any limit.

Section 80G

Donations to specified relief funds and charitable institutions qualify for deductions.

Filing Tax Returns (ITR)

Step-by-Step Guide to Filing ITR

Gather Documents: Start by collecting necessary documents like Form 16, bank statements, investment proofs, and TDS certificates.

Choose the Correct ITR Form: Determine the appropriate ITR form based on your income sources.

Log in to the Income Tax Portal: Access the e-filing portal of the Income Tax Department.

Fill in the Details: Enter all required details in the selected ITR form.

Verify the Details: Ensure the information entered is accurate by cross-checking it.

Submit and E-Verify: Finally, submit the ITR and complete the e-verification process using methods like Aadhaar OTP, net banking, or EVC.

Due Dates for Filing ITR

Individuals and HUFs: July 31 of the assessment year.

Businesses requiring audit: October 31 of the assessment year.

Revised or belated returns: December 31 of the assessment year.

Penalties for Non-Compliance

Late Filing Fee: Up to ₹10,000 for filing returns after the due date.

Interest on Late Payment: Interest under Sections 234A, 234B, and 234C for late payment of taxes.

Penalty for Underreporting Income: 50% to 200% of the tax due on underreported income.

Benefits of Filing Tax Returns

1. Loan Approvals: ITR receipts are essential documents for loan approvals. 2. Visa Applications: Many consulate offices require ITR copies for visa processing. 3. Claiming Refunds: Filing on time enables taxpayers to claim refunds for any excess tax paid. 4. Proof of Income: Serving as a valid proof of income, ITR is useful for various financial transactions. To Read more - https://blog.poweroffactorial.in/income-tax/