Author: Beena Wilson

The form, officially called Form W-9, Request for Taxpayer Identification Number and Certification, is typically used when a person or entity is required to report certain types of income. The form helps businesses obtain important information from payees to prepare information returns for the IRS. Taxpayers use the W-9 tax form to verify their correct taxpayer… Continue reading W-9 Form

RBI purpose codes are unique identifiers assigned to various international transactions, enabling banks and financial institutions to classify and process remittances accurately. These codes play a pivotal role in: Streamlining Transaction Processing: Purpose codes facilitate efficient transaction routing and processing, minimizing delays and ensuring timely delivery of funds. Enhancing Transparency: Purpose codes provide a clear understanding of… Continue reading RBI Purpose Codes for International Remittances

Charitable contributions made to qualified organizations are generally tax-deductible in many countries. The specifics of tax exemptions and deductions can vary by country, so it’s important to refer to the tax laws of your specific jurisdiction. Qualified Organizations: – To claim a deduction, your donation must be made to a qualified tax-exempt organization. Most charities,… Continue reading Understanding Tax Deductions for Charitable Contributions – Key Considerations and Guidelines

As per the Income Tax Act, political contributions are not eligible for deduction under Section 80G, which generally deals with deductions for donations made to certain charitable institutions. However, Section 80GGB and Section 80GGC provide deductions for political contributions. Here are the key points related to political contributions in India: Deduction for Political Contributions by… Continue reading Understanding Political Contribution Exemptions in India: Key Provisions and Deductions under Income Tax Act

Disallowance typically refers to the rejection or non-acceptance of certain expenses, deductions, or claims made by a taxpayer while computing their taxable income. This can occur during the assessment or audit conducted by tax authorities. Disallowance may happen for various reasons, such as non-compliance with tax laws, inadequate documentation, or incorrect information provided by the… Continue reading Disallowance

Filing Softex for non-STPI (Software Technology Parks of India) units involves submitting a form to the Ministry of Electronics and Information Technology (MeitY) for the export of software from India. While the specific issues may vary based on the software, company, or the Softex filing process itself, here are some potential major issues that could… Continue reading Challenges in Softex Filing for Non-STPI Units: Key Issues and Solutions

1. Softex number shall be allocated/ issued by RBI through online. Exporters can use the allocated Softex numbers for each invoice or for group of invoices with same currency for a particular client. SOFTEX NUMBER would be the control number for identifying any of the export transactions 2. The unit has to follow the below… Continue reading Procedure for online submission of Softex by Units registered under STPI

What is an MPR? The Monthly Progress Report (MPR) is used to keep track of the progress of a recall. An MPR consists of a form used to report  information regarding the total number of units involved and how many corrections have occurred during a specific time period.  An MPR is also used to report… Continue reading Monthly Progress Report (MPR)

Tax Exemption Certificate is a document issued by the income tax authorities that exempts a person or entity from the deduction of tax at source (TDS) on certain types of income. In situations where an individual or entity is eligible for income that’s generally subject to TDS, they can apply for a non-TDS certificate from… Continue reading Tax Exemption Certificate

Inventory refers to the goods a business holds for eventual resale or use in its operations. It includes items like finished products, raw materials, work-in-progress goods, and supplies. On the other hand, non-inventory items are assets that are not intended for sale or aren’t part of regular merchandise. These might include office equipment, furniture, fixtures,… Continue reading Inventory and non-inventory