AI and automation are streamlining tax compliance by enhancing data processing, accuracy, and fraud detection, as demonstrated by real-world applications in businesses and government agencies.
Understand why incorrect GST TDS deductions on gross value cause mismatches, notices, and compliance issues for businesses with government contracts, and how to address them.
In this blog post, I’ll break down what these schedules are, provide real-world examples, and explain how to report them on the Income Tax e-Filing portal. Plus, I’ll touch on the kind of notices you might receive if you miss the mark.
A common question businesses face is why an IGST balance cannot be used to offset liabilities for intra-state (within-state) sales when the Central Goods and Services Tax (CGST) credit is fully utilized. Let’s break it down with real-world examples to make it crystal clear!
For AY 2025-2026, the CBDT has introduced amendments to Form 3CD, with some impacting Form 3CB indirectly, effective from April 1, 2025. These changes reflect new tax provisions, remove outdated clauses, and introduce enhanced disclosure requirements. Let’s break down the key updates with practical examples.
