Category: Income Tax Act

presumptive taxation 44ad income

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

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 [...]

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financial year 1961

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

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 [...]

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tax credits

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

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, [...]

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