The presumptive taxation scheme under Section 44ADA is a simplified method of calculating taxable income for professionals. This scheme is designed to reduce compliance burdens by eliminating the need for maintaining detailed books of accounts and providing a straightforward way to compute income. Eligibility for Section 44ADA Professionals can opt for the presumptive taxation scheme …
Continue reading “Section 44ADA – Presumptive Taxation Scheme for Professionals”
The Income-tax Act, 1961, provides various provisions to ease the tax compliance burden for small taxpayers, particularly for those engaged in business or profession. Under normal circumstances, taxpayers are required to maintain books of accounts, which can be a time-consuming and tedious task. To simplify tax calculations for small businesses, the Income-tax Act has introduced …
Introduction The taxation landscape is a complex and ever-evolving domain, and one crucial aspect that taxpayers need to navigate is the tax audit. Under the Indian Income-tax Act, taxpayers are required to maintain proper books of accounts and undergo a tax audit if their gross turnover or receipts during the previous year exceed the prescribed …
Continue reading “Comprehensive Guide: Items Reportable in the Tax Audit Report”
In the realm of business, keeping a record of financial transactions has been a practice as old as commerce itself. From the earliest days of barter systems to the complex financial landscapes of today, the meticulous maintenance of books of accounts has played a pivotal role in the success and sustainability of enterprises. In this …
Continue reading “The Significance and Benefits of Maintaining Books of Accounts”
