by Audit Analyst | Dec 23, 2025 | Company Tax
Record Retention Period for Companies in India for Tax Purposes Retention as per Income Tax Act Under the Income Tax Act, companies are required to retain their books of accounts and related records for a minimum period of six years from the end of the relevant...
by Audit Analyst | Dec 23, 2025 | Company Tax
Books of Accounts Companies Must Maintain Statutory Requirement under Companies Act All companies registered under the Companies Act must maintain specific books of accounts at their registered office. These records are essential for ensuring financial transparency...
by Audit Analyst | Dec 23, 2025 | Company Tax
Definition and scope of underreporting Underreporting of income occurs when a taxpayer declares lower income than what is assessed by the income tax department. It also includes cases of claiming excessive deductions or exemptions. Underreporting applies when income...
by Audit Analyst | Dec 23, 2025 | Company Tax
Levy of late filing fees under income tax act Non-filing or delay in filing the income tax return attracts a late fee under section two hundred thirty four F. The amount depends on the total income and the filing date. Fee up to five thousand rupees is applicable for...
by Audit Analyst | Dec 23, 2025 | Company Tax
Penalty for failure to maintain documentation Companies engaged in international or specified domestic transactions must maintain prescribed documentation. Failure to do so attracts a penalty under section two seventy one AA. Two percent of the value of each...
