Income Tax

Save More Tax as A Businessman! Simple explanation of Section 80JJAA

In order to boost employment and to provide an additional incentive to Businessmen by way of a Deduction, this Section was introduced way back by the Finance Act, 1998. However, to generate employment as well as enable more categories of Assessees engaged in carrying on Businesses to take advantage of this Section, the Government...

Understanding the Section 44AB Tax Audit in a Simplified Manner

Tax Audit under Section 44AB Tax Audit is simply an examination of Books of Account of the Business/Profession from the Tax perspective, conducted by a Practicing Chartered Accountant and mandated by the Income Tax Law for certain categories of persons. In this article we will briefly discuss about the applicability, non-applicability, conditions, interlinking with Presumptive Taxation,...

Section 35AD: Businesses Eligible for Tax Incentives

The Government of India has identified certain Business Sectors which are significant for the economic growth and development of the country. In order to encourage these Businesses, the Government has given Special Deduction to such Specified Businesses. From time to time, the Government has added new Businesses under Section 35AD of the Income Tax...

Reduction in the Corporate Tax Rate: Significant Points to be kept in the mind.

In order to give a boost to the Domestic Companies considering the global economic slowdown, provide relief to the Corporates as well as to promote the Make in India initiative encouraging new business entrepreneurs, the following two new sections have been introduced. The Taxation Laws (Amendment) Ordinance, 2019 has reduced the Income Tax Rates and...

All you need to know about Section 44AD (Presumptive Taxation)

In this article, we will tell you everything about Presumptive Taxation, its eligibility criteria, benefits and what happens when you do not follow or opt for this section! What is Presumptive Taxation? Presumptive is derived from the word presume which means to assume in advance. Thus, Presumptive Taxation is nothing but an option available to certain...

As a Businessman when is TDS applicable to you?

Albert Einstein once said, Income Tax is one of the hardest things to understand. Rightly so, we wouldn’t argue with a genius😊 In today’s article we will throw light on Tax Deducted at Source (TDS), when is it applicable to you and what are the various due dates for compliance. This article is written from...

All you should know about the new TCS provisions applicable from 1st October, 2020

The government has recently widened the scope of TCS provisions to cover more businesses. Currently, TCS is applicable only on special category goods such as Scrap, Alcohol, Tobacco, Car exceeding Rs.10 lakhs, etc. Post 1st October 2020 any business meeting the conditions stated below are liable to collect TCS. This article will help you understand...

Is it compulsory to file an income tax return?

Is it compulsory to file an income tax return for an individual or HUF if there is no income earned? Before answering the question, let’s understand some basics. What is an Income Tax Return (ITR)? Income tax is charged by the Government of India on the Income earned during the year. Income tax return or ITR as...

Save More Tax as A Businessman! Simple explanation of Section 80JJAA

Understanding the Section 44AB Tax Audit in a Simplified Manner

Section 35AD: Businesses Eligible for Tax Incentives

Reduction in the Corporate Tax Rate: Significant Points to be kept in the mind.

All you need to know about Section 44AD (Presumptive Taxation)

As a Businessman when is TDS applicable to you?

All you should know about the new TCS provisions applicable from 1st October, 2020

Is it compulsory to file an income tax return?

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