Quick answer: Clause 44 of Form 3CD in a tax audit asks for a breakup of your total expenditure for the year based on whether the supplier was registered under GST or not. You must report the total...
Quick answer: If your tax audit report is not filed by the due date, you can face a penalty under Section 271B of 0.5% of turnover or ₹150,000, whichever is lower. A delayed audit also delays your...
Quick answer: A loan from director should be recorded in a separate unsecured loan account under borrowings from related parties, with a written declaration that the money is not borrowed from others...
Depositing cash from your own sales into a business bank account is legal and completely normal. A notice usually arrives only when the cash deposited does not match what your books, GST returns, and...
Quick answer: GST is not applicable on a refundable security deposit received from a customer, as long as it is held only as security. GST becomes payable when the supplier adjusts the deposit against...
Quick answer: GST is payable on advance received for the supply of services because the time of supply is the earlier of the invoice date or the date of payment. For goods, GST is not payable on...
Quick answer: Yes. If you do not deduct TDS on an eligible payment to a resident or deduct it but do not deposit it on time, 30% of that expenses can be disallowed under Section 40(a)(ia) of the...
Quick answer: If TDS is deducted but deposited late, you must pay interest at 1.5% per month or part of a month under Section 201(1A) from the date of deduction to the date of deposit. A late TDS...
Quick Answer The total cost of starting a business in Dubai varies significantly depending on the business activity, free zone or mainland licensing route, premises, staffing and operational...