Filing the Employee State Insurance (ESI) return is a crucial responsibility for businesses in India with a specific workforce threshold. Ensuring accurate and timely submissions not only keeps companies compliant but also prevents potential penalties and legal complications. Here’s a comprehensive guide on the most common mistakes made during ESI return filing and effective ways to avoid them for smooth,
We’re only human—mistakes can happen, even in filing taxes. Errors in Tax Deducted at Source (TDS) returns might occur due to incorrect details or missing information. Fortunately, revising a TDS return is an option that can help correct these errors. This article will guide you through the online and offline processes, available correction tools, and the benefits of revising TDS
In November, GST returns take on added importance as they require careful reconciliation to ensure full compliance. This month is a critical time for businesses to review their records, verify all transactions, and rectify any previous inaccuracies in their filings. Adhering to GST deadlines, especially in November, helps prevent missed tax credits and compliance issues, allowing for smoother financial management
In a landmark ruling, the Supreme Court has confirmed that priests and nuns working as teachers in government-aided schools are subject to income tax on their salaries. The Background of the Supreme Court’s Decision In a recent high-profile case, the Supreme Court of India upheld the Madras High Court’s decision regarding the taxability of salaries earned by nuns and
In recent years, Limited Liability Partnerships (LLPs) have emerged as a preferred choice for small businesses worldwide. Not only does an LLP safeguard the personal assets of its partners from business obligations, but it also provides a flexible business structure that appeals to various professionals, including consultants, lawyers, accountants, and doctors. Established in 2008, LLPs have gained popularity globally, including
In the 2024-25 Union Budget, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman announced an overhaul of the Income Tax Act, 1961. Following this announcement, the Central Board of Direct Taxes (CBDT) set up an internal committee to lead a comprehensive review of the Act. The Committee for Comprehensive Review, chaired by Mr. V.K. Gupta, Chief Commissioner of
Rental income in India may fall under either House Property Income or Profits and Gains from Business or Profession (PGBP), based on how the property is utilized. This classification impacts the deductions available, tax liabilities, and reporting on Income Tax Returns. Let’s break down how rental income can be classified, recent legal developments, and how these apply in practice. Understanding
Filing income tax returns (ITR) is crucial for obtaining tax refunds when excess tax is deducted at source. In cases where an individual does not have a Permanent Account Number (PAN), certain challenges arise. This article explores whether your mother can claim a tax refund if her tax has been deducted without a PAN, particularly when it involves interest income
The Employee State Insurance Corporation (ESIC) mandates that all employers under its jurisdiction file returns, including “ESIC Nil Return” if there are no contributions to report for a given period. Missing the filing deadline for an ESIC Nil Return can lead to significant legal and financial penalties for businesses, emphasizing the importance of timely compliance. This article covers the legal
On November 5, 2024, the Central Board of Indirect Taxes and Customs (CBIC) introduced a game-changing mandate for handling personal hearings under tax laws, including the CGST Act, IGST Act, Customs Act, Central Excise Act, and Finance Act. With Instruction No. F. No. 390/Misc/3/2019-JC, CBIC has effectively standardized the virtual hearing process, transforming how appeals are conducted in India’s tax
