Advofin’s 60 Days Compliance Series – Page 6

Income tax scrutiny triggers infographic explaining that scrutiny is not random and is based on AI risk scoring, data matching across AIS, TIS, GST, 26AS, and banks, and tracking of high-value transactions.

Income Tax Scrutiny Triggers – What Gets You Noticed (And How to Stay Safe)

Introduction: Scrutiny Isn’t Random Anymore Every year, thousands of taxpayers in India – business owners, professionals, freelancers, traders, and salaried individuals with side income – receive income tax scrutiny notices that trigger months of stress, documentation nightmares, and potential tax demands. Here’s what most people don’t realize: Scrutiny is no longer random. The Income Tax […]

Advance tax guide for small businesses 2025 explaining that advance tax is mandatory if tax liability exceeds ₹10,000 and helps avoid penalties and March cash-flow shock.

Advance Tax for Small Businesses – The Complete Founder’s Guide to Pay-As-You-Earn Tax

Introduction: Why Advance Tax Matters More Than You Think Most small business owners, freelancers, and professionals operate under a dangerous assumption: “I’ll calculate my total tax at year-end and pay it all at once.” This is a costly mistake that triggers: ❌ Interest penalties under Section 234B and 234C (typically 4-8% extra cost)❌ Massive cash […]

Year-end books closing checklist for SMEs 2025 showing comparison between bad closing consequences like GST notices and blocked ITC versus benefits of good closing such as clean audit-ready books and better loan eligibility.

Year-End Books Closing Checklist for SMEs – Your Complete Guide to Clean, Audit-Ready Financials

Introduction: Why Year-End Closing Determines Your Business Health Most Indian businesses treat year-end book closing as a routine accounting task – something to rush through so they can file their returns and move on. This is a costly mistake. Year-end book closing isn’t just about compliance. It’s your business’s annual health report that determines: In […]

Founder Salary vs Dividend vs Remuneration – How Should You Pay Yourself in 2025?

Introduction As a founder, one of your most important financial decisions is: How do I pay myself? Should you take a salary? Pay yourself dividends? Draw director remuneration? Or use a combination? This isn’t just about personal finance – it’s a strategic decision that affects: Choose the wrong structure, and you could: This guide breaks […]

TDS Mistakes That Automatically Trigger Notices – Complete Guide for Business Owners

Introduction TDS (Tax Deducted at Source) is one of the most heavily monitored compliance areas in India. Unlike other tax matters where issues surface during audits, TDS mistakes generate automatic notices – often within days or weeks. Why? Because the Income Tax Department uses sophisticated algorithms that constantly match: Even a single mismatch – wrong […]

Presumptive Taxation vs Normal Taxation – Which System Saves You More Tax in 2025?

Introduction If you’re a small business owner, freelancer, consultant, or professional, you’ve likely asked yourself: Should I opt for presumptive taxation or stick with normal taxation? This isn’t just an accounting question – it’s a strategic financial decision that affects: Choose wrong, and you could end up paying unnecessary taxes, missing legitimate deductions, or creating […]