The presumptive scheme under income tax is a popular scheme used by businesses and professionals. This system essentially reduces the burden of income tax compliance on micro and small businesses and professionals. The envisaged scheme for specific professionals was introduced in 2016. Presumptive Scheme allows taxpayers to presumptive their income as a certain % of…

The income tax return (ITR) deadline is completed by the leading person for the 2021-22 financial year and the inspection year 2022-23 dated 31 July 2022. Thus, those individual taxpayers who have an annual income amount of up to ₹ 50 lakh in the hall, one-room house and other sources of income can file an…

Whatever the basis of the requirement, the issuance of a notice of cause of the exhibition is a condition before any requirement is raised by the department. Therefore, in order to put an end to unnecessary and avoidable issues, the “Tax Administration Reform Commission” under the chairmanship of Dr. Parthasarathi Shome recommended the concept of…

In a simple sense Loss, means the excess of expenses over income. Loss arises when income made during the financial year by the taxpayer is less than the expenditure during the year. There can be house property loss or capital loss or loss from business or profession or other income. In this blog, we will…

For the income tax assessment, the trusts are important organizations to be considered. Subject to the provisions of section 111 A and section 115, the total income of a business trust will be taxed at a maximum marginal rate. This article discusses the income tax assessment of trusts for A.Y 2022-2023. Table of Contents Religious…

It is an old proverb that savings at a young age can play a great role in old age. Nowadays ample investment options are available with the investor. Globe has become the village now and as there is no barrier in investment worldwide. Certainly, if we invest huge amounts in that case certain permissions from…

CBDT (Central Board of Direct Taxes) on 30th march 2022 by Notification has informed the Income-tax (Fourth Amendment) Rules, 2022. CBDT informed about five income tax return (ITR) forms for the assessment year 2022-23. In this blog, we will discuss the Application of ITR in Assessment Year -2022-2023 as per the notification. Table of Content…

A non-Resident Indian is an individual who is not a resident of India. If we make a survey asking Indians about the tax payment by the NRI. The majority of the people will say that NRI does not pay any kind of tax. This answer seems true because they are doing their work or business abroad…

How to save on tax in a particular year is the most frequent question inside the minds of a taxpayer. But, usually, people make last-minute preparations for meeting the requirement of section 80C or 80 CCD of the Income Tax Act,1961. The answer to such a question is making preplans on saving tax rather than…

TDS (Tax Deducted at Source) is the sum which is taken away from the income of a person by a specified deductor and deposited to the Income Tax department. Section 192 of the Income Tax Act,1961, talks about the deduction of TDS on salary income by employers. In this blog, we will talk about TDS On…

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