NJR MONEY

ICAI’ unique identification number is mandatory for every kind of certificate or tax audit report made by Chartered Accountants. This was introduced to curb fake certifications by those posing as CAs. The e-filing portal of income tax has been linked with ICAI’s UDIN portal for validating documents attested by CAs . IT department to reject tax audit reports filed without ICAI authentication Tax audit reports (TAR) filed by businesses have risks of getting rejected by the IT department if they are not authenticated by the professional regulator of chartered accountants, the Institute of Chartered Accountants of India (ICAI). The IT department said recently that the income tax e-filing portal has been linked with ICAI’s portal for validating the unique identification numbers (UIDN) chartered accountants generate for documents attested by them. With the system level integration, the UDIN, provided for the audit reports and certificates submitted by CAs in the e-filing portal, will be vali...

If you’re a solo or small firm lawyer, you not only have to worry about your clients and cases, but also need to maintain books of account yourself. You have to keep track of profits and losses, revenue flow, accounts payable/receivable, return on investments and other financial indicators that determines the health of your practice. In a small practice, it’s easy to let these things slide. You don’t have the time Or you’re more interested in the handling work of the law. But without some basic business accounting,  You won’t have an accurate picture of how you’re doing.  You won’t know if your firm is trending in the right direction.  You won’t know how to best allocate resources, cut expenses or leverage your personnel to grow your business. If you’re fortunate, you have someone in-house who takes care of the bookkeeping and accounting, or if you have budgeted for outsourcing these duties.  Even then also, you have to be able to read and understand the reports. And...

Most salaried individuals, file their income tax return usually in ITR-1. ITR is short form of Income Tax Return. There are several forms of ITR according to different income and status of the person. For F.Y. 2019-20 , ITR-1 can be filed only by those taxpayers who are individuals being a Resident (other than Not Ordinarily Resident) and whose total income does not exceed Rs 50 lakh. Also, remember that ITR-1 has to be used by those individuals who have - income from salary/pension,  one house property, and  income from other sources (Interest etc.) and  Agricultural Income up to ₹ 5,000 However, in case you made capital gains or own  more than 1 house property, then you are not eligible to file ITR-1. Also, ITR-1 is not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares.  Remember that, PAN and Aadhaar card details are mandatory for furnishing income tax return Before you start to file your ITR, you should collect ...