As Section 44AD is applicable on business (click here to read in detail), Section 44ADA applies on professionals.
It says that if an eligible assessee (professional) who declares 50% or more than that of his gross receipts as profit, then he is not required to get his accounts audited under the I..
Before coming on the main article, let’s understand why there is a need of invoking such provisions o..
While presenting Budget 2019, the finance minister mentioned that people earning less than Rs 5 lakhs would have to pay no taxes as they would get tax rebate up to Rs 12,500. Many people thought since they have no taxes to pay hence they do not have to file their ITR.
There are two problems..
To promote new startup and make in India, government has taken several initiatives to give benefit to startup and attract fresh fund in startup business. Hereby, we are trying to consolidate all the provision that provide exemption to startups under sec..
understanding the penalty provisions for failure to furnish the statement of
Tax Deducted at Source or statement of Tax Collected as Source (i.e.
commonly known as TDS/TCS return) we shall first have a look at the few
basic duties of a person liable to deduct/collect tax at sou..
In this hi-tech, age business has undergone major transformation and new methods of transactions have evolved which are fast paced and require little physical effort. Out of many one is the concept of OIDAR services which are provided through internet and received by the recipient online without phy..
As per provisions of Section 40A(3) Where the assessee incurs any expenditure in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, [or use of electronic clearing system through a ..
What is TDS?
TDS stands for Tax Deduction At Source. It means that when an Individual/Organization/persons making the specified payment which are mentioned under Income Tax Act, 1961 to another person than that Person (who is making the payment) has to deduct the TDS when the amount of the paymen..
Nowadays people are discussing about a news that no income tax is required upto Rs. 5 lakh. Even some people think that they do not need to file income tax return if their Total Income is below 5 lakh. But the fact is this kind of statements are not really true. Most of the people think that tax fre..
In order to incentivize the equity markets Government has given various sops to this sector. Under Section 10(38) of Income Tax Act, exemption to long term capital gains arising from sale of equity shares in a company or unit of an equity oriented f..