Income Tax Act

What is presumptive taxation under S. 44AD and 44ADA and who can file the return under presumptive taxation

Income Tax Act /

Sections 44AD & 44ADA in India (2024 Update) No. Section Description 1 Introduction presumptive taxation 44ad income tax Overview of presumptive taxation and its benefits 2 Understanding Presumptive Taxation Definition and key sections (44AD & 44ADA) 3 Benefits of Presumptive Taxation Reduced compliance burden, simplified filing, lower costs 4 Who Can Opt for Presumptive Taxation? Eligibility […]

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Understand whether an individual is required to deduct TDS under TDS provisions while making the payment

Income Tax Act /

A Guide for Determining Your Deduction Responsibility in India (2024 Update) No. Section Description 1 Introduction deduct tds Overview of TDS and its importance 2 Why Understanding TDS is Crucial Consequences of failing to deduct TDS 3 When Does an Individual Need to Deduct TDS? Common scenarios for TDS deduction by individuals 4 Steps to

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Understand the Heads of Income under the Income Tax Act, 1961 under which you are assessable in any financial year

Income Tax Act /

Heads of Income for Accurate Tax Filing in India No. Head of Income Brief Description 1 Income from Salaries financial year 1961  Income earned from your employment. 2 Income from House Property Income earned from renting out properties. 3 Income from Profits and Gains of Business or Profession Income generated from carrying on business or

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What to check in your Form 16 before filing your individual income tax return

Income Tax Act /

Don’t Get Taxed Twice! A Guide to Checking Your Form 16 Before Filing Your Income TaxReturn No. Section Topic Page Number (Estimated) 1 Introduction income tax return Importance of Form 16 1 2 Understanding Form 16 Breakdown Part A: TDS Details 2 3 Understanding Form 16 Breakdown Part B: Salary Details 3 4 What to

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Understanding the new tax regime and deciding whether to file the return Under old tax regime or new tax regime

Income Tax Act /

Decoding Tax Regimes in India: Old vs. New – Which One’s Right for You? No. Section Topic Page Number (Estimated) 1 Introduction  new tax regime Overview of Old vs. New Tax Regimes 1 2 The Old Tax Regime: Familiar Friend or Outdated System? Key Features 2 3 The Old Tax Regime: Familiar Friend or Outdated

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Why is it important for you to file your return even when your income is lower than minimum threshold income which is chargeable to tax

Income Tax Act /

Don’t Skip the ITR: Why Filing Your Tax Return Matters, Even With Low Income No. Section Topic Page Number (Estimated) 1 Introduction tax credits carry forward of losses  Importance of filing ITR even with low income 1 2 Unlocking Benefits Advantages of filing ITR: Tax refunds, loan approvals, visa processing, credit history 1-2 3 Data

Why is it important for you to file your return even when your income is lower than minimum threshold income which is chargeable to tax Read More »