Transfer of Rectification Rights to Jurisdictional AO Notification: What Taxpayers Should Know
Transfer of Rectification Rights to Jurisdictional AO for AY 2022-23: What Taxpayers Should Know Recently, several taxpayers have received official communications from the Income Tax Department regarding a significant procedural change: the transfer of rectification rights for Assessment Year (AY) 2022–23 from the Centralized Processing Centre (CPC), Bengaluru to the Jurisdictional Assessing Officer (JAO). This change has raised questions among assessees, particularly those who have filed rectification requests under Section 154 of the Income Tax Act. Here is a [...]
Section 143 of Companies Act 2013: Powers and Duties of Auditors Explained
Section 143 of Companies Act 2013: Powers and Duties of Auditors Explained Audit plays a crucial role in ensuring transparency, accountability, and accuracy in financial reporting. To institutionalize this, Section 143 of the Companies Act, 2013 clearly lays down the powers and duties of company auditors. Whether it's a One Person Company (OPC), Private Limited, Public Limited, or in some cases, an LLP, understanding this section is essential for both company management and practicing professionals. This article provides a [...]
TDS Payment Process: A Step-by-Step Guide to Online TDS Payment and Challans
TDS Payment Process: A Step-by-Step Guide to Online TDS Payment and Challans Tax Deducted at Source (TDS) is a critical part of income tax compliance for individuals and businesses in India. Whether you are deducting TDS on salaries, contractor payments, rent, or professional fees, you must deposit the deducted amount with the government on time. Currently, TDS payment has been moved from NSDL e-Payment Portal to the Income Tax portal itself. This guide will walk you through the entire [...]
Documents Required for Income Tax Notice under Section 142(1)
Income Tax Notice Section 142(1): Documents and Information to Keep Ready The Income Tax Department has been increasingly using Section 142(1) notices to verify income details, deductions claimed, and other disclosures made in income tax returns. If you've received one, don’t panic. This notice is part of the routine assessment process and is essentially a request for more information before finalising your tax assessment. The section empowers the Assessing Officer (AO) to ask for any books of accounts, statements, [...]
New Rule for Rental Agreements in India from July 2025: E-Stamping Now Mandatory
New Rule for Rental Agreements in India from July 2025: E-Stamping Now Mandatory A rental agreement establishes a legal bond between a landlord and tenant. It clearly defines rights, responsibilities and sets expectations. From July 1, 2025, India implemented new rules around digital stamping for rental agreements. This guide gives you a clear, easy-to-follow overview of what you need to know. 1. What is a Rental Agreement? A rental agreement is a legally binding document that records: Parties’ names [...]
Minimum and Maximum Number of Directors in a Private Limited Company in India
Understanding the Number of Directors in a Private Limited Company When starting or managing a private limited company in India, one critical legal requirement is compliance with the minimum and maximum number of directors. This directly impacts the company’s governance, statutory obligations, and regulatory approvals. Let’s break down the key rules and obligations under the Companies Act, 2013 in simple terms. What is a Private Limited Company? A Private Limited Company is a type of business structure registered under [...]
