project report

Short answer: Income tax notices are issued when the information the department holds, through AIS and other sources, does not match your return, or when a return is not filed despite reported transactions. The response usually escalates in stages: an advisory email or SMS, an intimation under Section 143(1), a defective return notice under Section 139(9), and, in serious cases, scrutiny or reassessment. Responding early at the first stage usually avoids the later ones. Many taxpayers are surprised to receive a notice for an income they forgot rather than hid. A bank reported the interest, a registrar reported a property sale, a company reported a dividend, and none of it appeared in the return. Sharda Associates is a CA-led firm that has prepared over 45,500 CA-certified  project reports. Because lenders examine your ITR during loan appraisal, we see how an unresolved mismatch can follow a business from the tax portal to a bank file. What Is the AIS, and Why Does the Department...

Short answer: GST TDS is tax deducted at source under Section 51 of the CGST Act by government bodies and notified persons, at 2% on contracts above ₹2.5 lakh, and it is credited to the supplier’s GST cash ledger. Income tax TDS is deducted under the Income Tax Act by almost any payer on specified payments, at rates that depend on the section, and it is credited to the payee’s income tax account. If you supply goods or services to a government office, you may see two different deductions on the same payment advice, and many business owners assume they are one and the same. They are not. Each has its own law, its own deductor, its own return and its own place where you claim credit. GST TDS vs Income Tax TDS at a Glance Point GST TDS Income Tax TDS Law Section 51, CGST Act, 2017 Income Tax Act, 1961 (sections such as 192, 194C, 194J) Who deducts Government departments, local authorities, government agencies and notified persons Any person making specified payments, such as employers, ...