Purchasing a house is a significant financial decision, requiring careful attention to tax and legal compliance. Whether the seller is a resident or a Non-Resident Indian (NRI), it is crucial to be aware of key regulations to ensure a smooth transaction. Here is a comprehensive checklist to follow while buying property in India. Conduct Due [...]
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The TDS Reconciliation Analysis and Correction Enabling System (TRACES) is a web-based platform developed by the Income Tax Department. It serves as an interface for taxpayers, deductors, and other stakeholders involved in the Tax Deducted at Source (TDS) process. This guide provides detailed steps on accessing the TRACES portal, logging in as a deductor or [...]
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In today’s competitive global market, expanding your business beyond domestic boundaries has become a necessity for growth. The advent of the internet and advanced technologies has simplified international trade. However, conducting business globally requires adherence to various regulations, including obtaining mandatory licenses. One such prerequisite is the Import Export Code (IEC) license, essential for importing [...]
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Tax Deduction and Collection Account Number (TAN) is a crucial identification number for those responsible for deducting or collecting tax at source. Issued by the Income Tax Department (ITD), this ten-digit alphanumeric number plays an essential role in the taxation process. This article explores everything you need to know about TAN, from its purpose to [...]
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