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Section 44ADA of Income Tax Act

The benefits of presumptive taxation were available only to businesses up to FY 2016-17. The Government introduced Section 44ADA of the Income Tax Act, 1961 with effect from Financial Year (FY) 2017-18. This section was introduced for self-employed professionals, to reduce the level of compliances required by them and take advantage of presumptive taxation. In … Read moreSection 44ADA of Income Tax Act

Budget 2020 – An analysis of the new tax regime

The budget of 2020, announced on 1 February 2020, for the first time has given taxpayers an option to choose how much tax they would want to pay. That means a taxpayer can choose to invest and pay tax on reduced income or not invest and pay a lower tax on the actual income earned. … Read moreBudget 2020 – An analysis of the new tax regime

ITR-5

The Income Tax Department requires a taxpayer to furnish a return of income under Rule 12 of the Income Tax Rules, 1962. Income-tax return (ITR) is the document in which the taxpayer provides information about their income and tax, to the Income Tax (IT) Department. The IT Department has released various ITRs, and each ITR … Read moreITR-5

Form 15G and Form 15H

Banks have to deduct TDS on interest income if such interest is more than INR 40,000 in a year. To calculate this limit, the bank adds all the deposits held in all its branches by the taxpayer. However, if the total income of the taxpayer does not exceed the taxable limit, the taxpayer can submit … Read moreForm 15G and Form 15H

International Standards Organization (ISO)

International Standards Organization (ISO) is an independent, non-government body that lays down standards to ensure the quality, efficiency, and safety of products and services. The ISO promotes common – proprietary, industrial, and commercial standards worldwide and also facilitates world trade. When a business has obtained an ISO standard certification, the stakeholders can be assured that … Read moreInternational Standards Organization (ISO)

All About Form 16A

An individual can have income from sources other than that from his/her salary. This could be interest received on deposits and/or returns from mutual funds, bonds, and investments, rental receipts, commission earned, etc. In some cases, the payer of income may need to deduct tax at source, known as TDS. As mandated by the government, … Read moreAll About Form 16A