Income Tax

Compliance Calendar of October 2022 covers important due dates for Income Tax Filing, GST (GSTR1, GSTR3B), TDS Payments, Preparation, and Filing, ROC, and general accounting  with a primary focus on Individuals, Professionals, & SME Businesses. INCOME TAX COMPLIANCES AND DUE DATES 07th October: Deposit of TDS & TCS 15th October: TCS returns for the quarter ending September 2022 31st October: TDS […]

Taxation of MSME Under IT Act includes few key tax provisions for MSMEs which we discuss in this article. Taxation of MSME Under IT Act MSME is the abbreviation used for Micro, small and medium enterprises. MSM Enterprises or small-scale industries (SSIs) are like a backbone of the economy of the developing country like India.

Amendment of Section 44ADA allows these professionals to pay taxes on a presumptive income, rather than maintaining books of accounts and getting them audited.  Amendment of Section 44ADA under Income Tax Act Section 44ADA provides a simple method of taxation for small professionals. Section 44ADA offers a scheme of presumptive taxation of profits and gains

Amendments of Section 44AB have been made to reduce the compliance burden on small taxpayers and to bring more transparency in the tax system. The requirement of tax audit will apply only to those taxpayers whose turnover exceeds the specified limit and will not be applicable to those whose turnover is less than the limit.

Cryptocurrency and its Taxation varies depending on the country, and it’s not always clear how it should be taxed. In general, the taxation of cryptocurrency is based on how it is used and the type of transaction involved. In India, cryptocurrency is not considered as legal tender, however, the Income Tax Department has issued notices

EVERYTHING ABOUT EQUALISATION LEVY Equalisation levy is a direct tax that was introduced by the Government of India in the year 2016 vide Finance Act, 2016. Equalisation Levy was not a part of the Income Tax Act, 1961 but rather it was introduced in the Finance Act, 2016. In the year 2020, the Government of

FORM 29D: Refund of Tax Deducted under section 195 Notification no. 98/2022, dated 17-08-2022 The Finance Act 2022 inserted a new section 239A in the Income-tax Act. It provides that a taxpayer may file an application before the Assessing Officer to get the refund of tax deducted under section 195 on any income (other than

 Applicability of Clause 44 The ‘Tax Audit’ limit under Section 44AB is Rs 5 crore (the threshold limit is Rs 10 crore where minimum 95% of business transactions are done in digital mode). If the taxpayer is subject to audit, then this process is even more elaborate as one not only has to submit a

SECTION 115BAB: TAX ON INCOME OF CERTAIN NEW DOMESTIC MANUFACTURING COMPANIES The government has introduced a favourable tax regime for new manufacturing companies. The Taxation Laws (Amendment) Ordinance, 2019 passed on 20 September 2019 has inserted Section 115BAB offering a low tax rate of 15% (plus surcharge and cess) to new manufacturing companies. This is