1οΈβ£ Not Deducting TDS on Payments to Contractors, Professionals & Employees
π Tip: Ensure TDS applicability is checked before making payments to contractors, professionals, and employees.
2οΈβ£ Mixing Personal & Business Expenses in the Books
β Reminder: Keep personal expenses separate from business expenses. The Income Tax Act only allows deductions for business-related expenses.
3οΈβ£ Non-Compliance with Tax Regulations on Foreign Payments
π Important: Payments to foreign professionals or for software subscriptions require special treatment under the Income Tax Act. Always comply to avoid penalties.
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