Income Tax Procedure Pleading Book Keeping and Accountancy

Income Tax Procedure Pleading Book Keeping and Accountancy

With the Internet spreading linke wildfire and reaching every part of our daily life, more and more traffic is directed to websites in search for information.India has a very complicated and detailed income tax procedure. The main provisions related to bookkeeping and accountancy are as follows: All businesses in India are required to maintain proper books of accounts. This is essential in order to calculate the correct taxes payable. All businesses are required to get their accounts audited by a qualified accountant. The Income Tax Department has the power to scrutinize and audit any business at any time.

Businesses are required to file their income tax returns on or before the due date.

Penalties and interest are levied for late filing of returns and non-payment of taxes.

The Income Tax Department has the power to levy taxes on any income earned by an individual or business.

Taxes are levied on the basis of the tax slab applicable to the individual or business.

There are various deductions and exemptions available under income tax laws.

The income tax laws are very complex and detailed. Professional help should be sought in order to ensure compliance.