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