DCS - Thy Tax Partner

Income Tax Search and Survey Procedure covering rights and duties of person searched   An income tax search and survey is a procedure carried out by the Income Tax Department to collect information and evidence related to the tax liabilities of a person or entity. The search and survey procedure can be initiated if there is suspicion of tax evasion or non-compliance. In this article, we will discuss the rights and duties of a person who is searched during the income tax search and survey procedure with insights from the tax consultants at Dudhoria Consultancy Services Pvt Ltd.   Rights of a person who is searched:   Right to be informed: According to the tax consultants at Dudhoria Consultancy Services Pvt Ltd, the person being searched has the right to be informed about the reasons for the search and the nature of the investigation.   Right to witness the search: The tax consultants further explain that the person being searched has the right to witn...

Taxpayers which have aggregate turnover of more than Rs. 5 crores in the Financial Year 2018-2019 will have to file GSTR-3B for the month of March, 2020 by 5th May, 2020. Thereafter interest will be calculated @9%p.a. if return is filed on or before 24th June 2020. Notification No. 31/2020 dated 03.04.2020 For any help related to GST Filing get in touch with our experts Visit us. www.taxdcs.co.in

NOTE DEMONETISATION: A MOVE TOWARDS NATION BUILDING 1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced. 2. What is this scheme? The legal tender character of the existing bank notes in denominations of ₹500 and ₹1000 issued by the Reserve bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn. In consequence thereof these Bank Notes cannot be used for transacting business and...

We are presenting a few basic points to be kept in mind before getting in the field of business. Before starting their own venture one must take proper care to decide on these three aspects very effectively: · RIGHT FORM OF BUSINESS · RIGHT ACCOUNTANT · RIGHT BANKER CHOOSING RIGHT FORM OF BUSINESS Choosing the right form of business is like laying the groundwork. On this decision depends the entire maintenance of your business from compliance point of view. Thus, making an appropriate choice of Form of Business is inevitable. Keeping the present scenario in mind we currently recommend the start up ventures to register themselves as private limited companies. Most of the newly startup ventures have finance as a hurdle and being a private limited company one can easily procure funds from friends or relatives by issuing them shares without loosing control over the business.. The major forms of business that any start up venture can opt for are as follows:...

TAX  PLANNING V/S TAX AVOIDANCE V/S TAX EVASION Though the words – Tax Planning, Tax Avoidance and Tax Evasion – sound connected, yet there is significant difference in the three. TAX PLANNING : Tax Planning is the way to reduce the tax liability by availing the exemptions and deductions mentioned explicitly in the Income Tax Act and Rules. Planning one’s income and expenses so as to get the benefit of various exemptions and deductions is called Tax Planning. Investments in PPF, NSC, LICI, etc are eligible for deductions. Tax Payers are advised to make full use of the Tax Planning opportunities. TAX AVOIDANCE : Tax Avoidance is done when the tax payer takes advantage of the loopholes in the tax regime in order to reduce the tax liability. Tax Avoidance is also not illegal. There is a very thin line of difference between Tax Planning and Tax Avoidance. Where in Tax Planning, a Tax Payer is making use of the opportunities provided exp...

1. Book keeping Service Kolkata Book Keeping & Accounting are the basic needs of any business concern. Day to day book keeping is very essential to ensure a regular check on the operations and also to manage the taxation and regulatory compliances. With the active and enthusiast professionals at Dudhoria Consultancy Services, you are relieved from the tedious book keeping job. Along with the on-site book keeping services we also provide you with the facilities of off-shore maintenance of books of accounts, Periodical MIS Reports. Accounting services include finalization of your books of accounts, drafting of annual accounts and various reports as per requirements of the management. The work will be headed by efficient and experienced accountants having expert knowledge of accounts and various accounting software. We also provide our clients with interim period accounts as per your needs and necessities. 2. Online Return Filing Service Kolkata The Income Tax ...