As soon as due date of filing tax audit is coming near, assessee and tax auditor are making effort to comply the tax audit provision.
For financial year 2017-2018, the GST taxpayer has to be answerable for the compliance in audit i.e. internal audit, statutory audit, tax audit , Audit by Chartered Accountant or Cost Accountant – Rule 80 and Section 35(5), Audit by Tax Authorities – Section 65, Special Audit – Section 66 of CGST Act 2017.
TDS & Tax Provisions for F.Y.2018-19 TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department.
