Definition and applicability of csr expenditure Corporate Social Responsibility expenditure refers to the amount spent by eligible companies for social development under the Companies Act. It is mandated for companies meeting specific financial thresholds. Applicable...
Mandatory nature of filing for all companies Filing of income tax return is mandatory for all companies irrespective of profit, loss, or activity status. There is no exemption based on income threshold for companies. Every company registered under the Companies Act...
Meaning and status of a dormant company A dormant company is one that has no significant financial transactions or business activities for a specific period. It is granted dormant status under section 455 of the Companies Act. The company must apply for dormant status...
Purpose of raising a grievance on the portal The grievance mechanism on the income tax portal allows taxpayers to report issues related to tax filings, processing errors, refunds, or technical problems. It ensures formal redressal by the department. Used when returns...
Process for Claiming Income Tax Refund Filing the Income Tax Return The first step in claiming a refund is filing an accurate and timely income tax return. The return must reflect the actual tax liability and tax already paid. Choose the correct ITR form based on...
Eligibility to Claim Refund of Excess Tax A company is eligible to claim a refund if it has paid more tax than its actual liability during a financial year. The excess can result from higher advance tax, TDS, or self-assessment tax. Refund is possible when total tax...
Understanding Rectification of ITR Rectification of ITR refers to the correction of mistakes or discrepancies in a processed income tax return. This is done under section 154 of the Income Tax Act, where a company can request the Income Tax Department to amend a...
Role of a Tax Consultant Tax Planning and Strategy Development A tax consultant helps individuals and businesses minimize their tax liability through legitimate planning. They provide tailored strategies based on current laws and financial goals. Analyzes income,...
E-Verification of Income Tax Return Meaning of E-Verification E-verification is the electronic process of validating an income tax return filed online. It confirms that the return has been filed by the rightful taxpayer and completes the return filing process. It...
Digital Signature and Its Use in Tax Filing Meaning of Digital Signature A digital signature is an electronic form of a signature used to authenticate documents online. It is issued by a licensed Certifying Authority and ensures data integrity and signer identity. It...