thetaxtellers

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need ca online or need tax advice

TaxTellers is a committed and dedicated professional service entity aimed at reducing the compliance and tax issues juggling in every individual's and business lifecycle. Our core team has been serving the businesses for decades, having experienced professionals under it's Umbrella.

[thetaxtellers]

need ca online or need tax advice

TaxTellers is a committed and dedicated professional service entity aimed at reducing the compliance and tax issues juggling in every individual's and business lifecycle. Our core team has been serving the businesses for decades, having experienced professionals under it's Umbrella.

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Filing of Income Tax Return

TaxTellers is a committed and dedicated professional service entity aimed at reducing the compliance and tax issues juggling in every individual's and business lifecycle.

[thetaxtellers]

File Income Tax Return | File My ITR

Taxtellers is the leading Online Income Tax Preparation and Filing for India, File Income Tax Return, File My ITR. Easy, secure, confidential Income Tax preparation and filing.

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Overview of Section 206AB and Section 206CCA of Income Tax Act

In this blog, we will analyse two new sections of the Income Tax Act, 1961 inserted vide Finance Act, 2021, these are Section 206AB and section 206CCA. These sections provides for deduction of Tax (TDS)/Collection of Tax(TCS) at a higher rate for certain "Specified Persons".

Section 206 AB deals with Deduction of Tax at higher Rate whereas Section 206CCA deals with the Collection of Tax at Higher Rate in case of payment or receivable is from a  Specified Person.

Effective Date: Section 206AB and Section 206CCA are effective from 1st July 2021.

Who is a Specified Person?

Person who satisfies the below mention conditions:-

(1) Who has not file Income Tax Returns (ITR) for 2 previous years immediately preceding the previous year in which tax is required to be deducted/collected

(2) The time limit for filing such return of Income u/s 139(1) has expired.

(3) Aggregate of Tax deducted/collected at source in each of these financial years is Rs. 50,000/- or more

What does the provision state?

As per sub section (1) of section 206AB, where tax is required to be deducted at source on any sum payable or credited by any person to a Specified Person, tax shall be deducted at higher rates of the following given below :-

Rates:

(i) Twice the rates Specified in the relevant provisions of the Act.

(ii) Twice the rate or rates in force.

(iii) At  the rate of 5%.

 As per sub section (1) of section 206CCA, where tax is required to be collected at source on any sum receivable or credited by any person from the Specified Person, then tax shall be collected at higher rates of the following given below :-

For Section  206CCA

(i) Twice the rates Specified in the relevant  provisions of the Act.

(ii) At  the rate of 5%.

  Further, sub section (2) of section 4206CCA provides that on Non Furnishing of PAN by the Specified Person, section 206AA/206CC shall be applicable in additions to this section and tax shall be collected/deducted at higher of the two rates as provided in sections 206AB and 206CCA.

Read more here: Overview Of Section 206AB And Section 206CCA Of Income Tax Act

Non-Applicability of provisions of section 206AB and 206CCA

Section 206AB/206CCA are not applicable to a non-resident who does not have a permanent establishment in India.

Section 206AB do not apply to sums falling under following sections of Chapter XVIIB:

(i) Section 192 – Payment of Salary

(ii) Section 192A - Payment of accumulated balance due to an employee

(iii) Section 194B - Winnings from Lottery or Crossword puzzle

(iv) Section 194BB - Winnings from Horse race.

(v) Section 194LBC - Income in respect of Investment in Securitisation trust.

(vi) Payment of certain amount/amounts in Cash.

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Passing Ordinary And Special Resolutions By Companies During Covid- 19

Clarification on passing of Ordinary and Special Resolutions by Companies under the Companies Act, 2013 on account of threat posed by Covid-19.

Several representations received by Ministry for providing relaxation in passing Ordinary and special resolutions.

1. There is no specific provision in Companies Act, 2013 which allows for conduct of Shareholder’s meeting through Video Conferencing (VC) or other audio visual means (OAVM). With the outbreak of pandemic COVID-19 companies are permitted to take all decisions of urgent nature requiring approval of members through the mechanism of postal ballot/ e-voting in accordance with provisions of section 108/110 of the Act and rules made thereunder. However, items of ordinary business or business where any person has right to be heard are not covered in above.

2. Procedure to be followed for conduct of Extraordinary General Meeting (EGM) as per Section 100 of Companies Act, 2013   (the Act) on or before June 30, 2020 where delay cannot be made.

  Read full blog post here: Passing Ordinary And Special Resolutions By Companies During Covid- 19.

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Got the form 16? Let your Teller prepare and file your taxes! We are available 24*7

The Tax Tellers is a committed and dedicated professional service entity aimed at reducing the compliance and tax issues juggling in every individual's and business lifecycle. Our core team has been serving the businesses for decades, having experienced professionals under it's Umbrella.

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Online Bookkeeping Services

We all know that keeping any financial records organized is essential but it is not just for easy audits, but even for your own future reference. Bookkeeping is important for any business because it helps the business analyze the performance. Financial Statements are the results of proper bookkeeping. Our team at TheTaxTellers has the right understanding of the importance of effective online bookkeeping services for the growth of your business.

At TheTaxTellers, we know that larger businesses are cursed with lots of resources to manage their accounting. But, unfortunately, small business that is new to the business stage cannot spend huge. So, we offer online bookkeeping services at a reasonable price that any small business or any mid-sized business can manage to pay. We can also help you by providing valuable accounting suggestions by our experts whenever you require and even you can hand over your tax preparation and filing tasks to our experts.

An introduction to TheTaxTellers’s Bookkeeping services:

“Behind every good business is a great Chartered accountant” – This quote clearly specifies the importance of not just an accountant for your upcoming business but also iterates the importance of bookkeeping, which is an important task, which has been taken care by an accountant. But, you need not have to worry anymore about hiring an accountant on rolls, when you can get the trustworthy virtual or online bookkeeping services from TheTaxTellers.

How we are different from the other online bookkeeping services?

We help you all the tasks, such that you can concentrate on the fundamental of your business. Our certified experts will carefully go through your details and receipts and enter them in the proper spreadsheets. Even, our professionals will look for ways to save money for your upcoming business transactions.

Why choose us for your bookkeeping needs?

As you are new to the term online bookkeeping, you might feel afraid as the term online in many instances gives the meaning “Not Real”. But, when you select our team at TheTaxTellers Accounting for online bookkeeping services, in inclusion to being real, our team enclosed certified accounting professionals to take care of the financial records of your business effective.

 Help with understanding business needs: Our certified professionals understand your business requirements will also understand the dynamics of your individual requirements. Also, they will provide some important information that will help you obtain knowledge of your financial situation.

Many services included: When you select our bookkeeping services, we will provide you complete online accounting services. We are sure that our services will provide you complete peace of mind in such a way that you can pay more attention to your business. When you employ us for your bookkeeping requirements, you will get all the services, which will help you to grow your business.

Industrial Expertise: Even another reason to select us for online bookkeeping services is that we have worked with clients from different industries. Some of the industries include information technology and software, real estate and construction, healthcare and medicine, hospitality, legal agencies, letting agencies, and many more.

In addition to these reasons, we use trustworthy bookkeeping software to make sure that our clients get the best online bookkeeping services ever.

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File Income Tax Return, Consult CA Online

Get your company registered in 2-3 days in India. We offer online company registration in India at the best cost in a just 2 days.