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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
Section 44AD is about the presumptive taxation scheme that was introduced in the Income Tax Act to reduce the tax load on the assessees whose turnover is less than INR 2 crores. If an assessee opts for paying tax on a presumptive basis, he/she claims that they do not maintain proper books of accounts and … Read morePresumptive Taxation – Section 44AD of Income Tax Act
A tax audit is an exercise where certified auditors assess the books of accounts of an assessee. This is to ensure that the assessee has maintained the books of accounts accurately, as per law, to reflect the true income earned during the particular Financial Year (FY). Tax calculations can also be verified here. Section 44AB … Read moreSection 44AB of Income Tax Act
There are a lot of ways through which you can save income tax in India under the Income Tax Act 1961. In this article, we will try to cover all the major ways to save income tax in India: Content Table Use up your Rs 1.5 lakh limit under Section 80C Contribute to the National … Read moreHow to Save Income Tax in India
Income Tax is a type of tax that you directly pay to the government depending upon the income or profit you have earned during a financial year. The government further utilizes the received income tax amount in maintaining and developing the country’s infrastructure such as schools, hospitals etc. Content Index Types of Taxes Definition of … Read moreIncome Tax: Types, Slab Rates and Heads
Many taxpayers find the income tax return filing procedure to be tedious and time taking. Moreover, late filing of Income Tax Return attracts fines and penalties. So to avoid these consequences let us see if you are required to furnish Income Tax Return in India for Financial Year 2018-2019 or not. 1. Mandatory Filing … Read moreIncome Tax Return Filing – F.Y. 2018-2019 (A.Y. 2019-2020)