More time to file, but don’t miss the details! Taxpayers preparing to file their Income Tax Returns (ITR) for Assessment Year (AY) 2026–27 should pay attention to the latest update on filing deadlines. The extension provides additional time to eligible taxpayers covered by the relevant CBDT circular to complete their return filing and review important…
Annual ROC filing is an important compliance requirement for companies. Two commonly used forms in this process are AOC-4 and MGT-7. While both are related to annual filing, they serve different purposes and contain different sets of information. AOC-4 is primarily used for filing financial statements and related documents with the Registrar of Companies, while…
Advance Tax and Self-Assessment Tax are both methods of paying income tax, but they apply at different stages of the tax cycle. Advance Tax is paid during the relevant financial or tax year based on estimated income and expected tax liability. Self-Assessment Tax is generally paid after the final tax liability is calculated and the…
Tax Deducted at Source (TDS) is a crucial aspect of tax compliance in India. Applicable deductions and payment of such deductions to government within prescribed timelines is to be done by the applicable deductors for businesses. However, this is not the only responsibility of TDS deductions. The other is the correct reporting through TDS returns…
Facing an income tax audit can be stressful for any business. Although audits are a usual aspect of the taxation system, there is a lot of uncertainty among businesses about what actually prompts an audit. It is significant to understand these triggers since companies can be ready and avoid needless scrutiny. Businesses can keep their…
A very important task of businesses in all sectors is tax regulatory compliance. Although the fundamental premises of taxation could be similar, the reality is very different and can be highly varied in different industries. The industries have their own challenges based on operational models, revenue structure, and regulatory expectation. These differences are crucial in…
