Income Tax Articles

Income Tax amendment - 2019 September

Vishal Jain 23 September 2019 at 16:45

As a bold step to revive the current Indian economy, the Finance Minister announced various amendments in the form of reduced tax rate and incentives in the Income tax act.

Pointers of the Ordinance passed to reduce corporate tax to 22%

Naman Shrimal 21 September 2019 at 12:50

An ordinance has been passed to reduce the corporate tax rate to 22% + surcharge and cess to provide relief to business entities. Businesses have welcomed this slashing of tax rates as a promising step by the Govt. in helping the economy.

Checklist to file your ITR by 30th September

Guest 19 September 2019 at 12:32

TOP 17 ISSUES TO CONSIDER WHILE PREPARING INCOME TAX RETURN FOR BUSINESSES. Here's a checklist of all the important points that an auditor must cover in order to ensure successful filing of the tax return for businesses.

Should the tax audit limit u/s 44ab be increased from 50 lac for professionals?

Soumya Laha 19 September 2019 at 11:18

Do you think Tax Audit threshold limit U/s 44AB for Professionals should be increased from 50 lakh? - My point of view.

Key additional disclosures in ITR-6 A.Y. 2019-20

CA Pratik Bhavsar 17 September 2019 at 11:29

There are several amendments made in all the ITR Forms for A.Y. 2019-20 onwards.

How to check scrutiny risk in Tax Audit Report ?

CA Umesh Sharma 16 September 2019 at 17:46

The taxpayer should take due care while filing Income Tax returns. Tax audit is applicable to taxpayers whose turnover exceeds Rs. 1 Crore and for sec 44AD/44ADA presumptive taxation it is Rs. 2 Crore. For professionals it's Rs. 50 Lakhs. Now, e-assessment is also in process by Income Tax Department, while filing ITR and Tax Audit Report.