Keeping in view the effect of COVID-19, the FM had extended the due date for filing the Tax Audit, Transfer Pricing Audit and Income Tax Returns. However, is there a need to extend these due dates further?
The GoI has recently notified the draft rules under The Code on Wages 2019. The new rules which are expected to enter into force in April 2021, will potentially have consequences on your take-home salary and retirement corpus.
How to use the Java based software utility available for download in the Income Tax Portal where the taxpayer does not have MS Excel versions 2010 or later
In this article, we will discuss the provisions and important points of Section 44AE of the Income Tax Act, which deals with the Presumptive Taxation Scheme.
The assessee filing presumptive or higher income return will enjoy the relaxation of not getting its accounts audited u/s 44AB even if total sales/turnover/gross receipts exceed Rs. 1 Crore.
The Scheme of Presumptive Taxation for Professionals was introduced under Section 44ADA in the Finance Act 2016 and is applicable from Financial Year 2016-17 onwards.
The application of assets seized during the course of search and seizure action is governed by the provisions of Section 132B of the Income Tax Act'1961. Let us understand the application of the same.
Section 44AD of the Act has a superior position vis-à-vis the other provisions of the Income Tax Act because of a non-obstante clause. In this article, we have discussed, all the provisions of Section 44AD of the Income Tax Act.
As per the proviso to 44AD(1), income can be declared as 6% of the turnover if the payment is received digitally or through the banking channel before the due date of return filing u/s 139(1).
As start-ups turn out to be a major source of revenue and employment, governments from across the world have been going out of their way to facilitate the entrepreneurial dream of Startup Founders.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
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