A new section 44ADA has been introduced in Budget 2016 by our honourable finance minister Arun Jeitly. Here is the text of the section; Section 44ADA (1) - Notwithstanding anything contained in sections 28 to 43C, in the case of an assessee, being a resident in India, who is engaged in a profession referred to in sub-section (1) of section 44AA and whose total gross receipts … [Read more...] about Section 44ADA – Presumptive taxation for Professional
Income tax
How to calculate interest under section 234B and 234C
In our last article we have discussed due dates for payment of advance tax and what happens when advance tax is not paid on or before the due date. In this article, we will be discussing how to calculate interest under section 234B and 234C. If for a financial year, tax liability of an assessee is Rs 10,000 or more then tax department in India required them to pay advance … [Read more...] about How to calculate interest under section 234B and 234C
How to get PAN card for a private limited company
Permanent Account Number or PAN card is issued by the Indian tax department. Its mandatory for all private limited companies to obtain PAN after registration with the state ROC. After incorporation of your private limited company, you are required to have a income tax permanent account number in the name of the company as without this you will not be allowed to open … [Read more...] about How to get PAN card for a private limited company
How Non Resident Indians or NRIs can apply for PAN card
Income tax permanent account number or PAN is mandatory for those persons who are required to file income tax return in India. In certain cases, you are also required to quote your PAN while carrying out any of the financial transactions that is specified by the tax department. Recommended Read: List of transactions where quoting PAN is mandatory According to SEBI, … [Read more...] about How Non Resident Indians or NRIs can apply for PAN card
List of transactions where quoting PAN is mandatory
From 1st January, 2016, quoting of the income tax Permanent Account Number or PAN would be mandatory for certain transactions where it exceed a specified limit. Persons who do not hold the income tax Permanent Account Number or PAN are required to fill a form and furnish any one of the specified documents to establish their identity. As per the new rule, quoting of … [Read more...] about List of transactions where quoting PAN is mandatory
What happens when Advance tax due date is missed
Advance tax is known as Pay-as-you-earn. To ensure a steady flow of income for the government, certain type of tax payers in India are required to pay tax in advance instead of paying at the end of the year. A taxpayer will be liable to pay advance tax in cases where his tax liability for the financial year is Rs 10,000 or more. This limit was Rs 5,000 up to assessment year … [Read more...] about What happens when Advance tax due date is missed
When to file ITR 4S – Income Tax Return Form for Small businesses
Tax department has introduced various forms for individuals like ITR-1, ITR-2, ITR-4 and ITR 4S. If you are running a small business it’s likely you have heard of the ITR 4S (sugam) form. ITR 4S (also called Sugam) is for those businesses who have calculate the business income on the basis of presumption irrespective of actual income. Section 44AD and 44AE of income … [Read more...] about When to file ITR 4S – Income Tax Return Form for Small businesses
How to prepare for statutory tax audit or Section 44AB Audit
As per the present tax laws of India, professionals with gross receipt of Rs. 25 lakh and business with gross receipt of Rs. 1 Crore are required to undertake statutory tax audit every financial year. Statutory tax audit means audit prescribed under section 44AB of Income tax act 1961. It has to be conducted by an independent chartered accountant who is in practice to report … [Read more...] about How to prepare for statutory tax audit or Section 44AB Audit
Can income tax return be filed for earlier years
As per the present tax laws of India, an individual, partnership firm, company and other eligible persons can file their income tax return or return of income until the completion of two financial years from the end of the financial year for which the return is to be filed. For instance, if return of income or ITR is for the financial year 2014-2015, it can be filed on or … [Read more...] about Can income tax return be filed for earlier years
Passport, Aadhar card and Bank account details to be disclosed in Tax return
Let us understand the latest mandatory requirements applicable to an individual assessee while filing his income tax return. As per the new notification, passport numbers, if available, is required to be disclosed in Income tax forms. In addition to that total number of savings and current bank accounts with details held by the tax payer at any time during the previous year, … [Read more...] about Passport, Aadhar card and Bank account details to be disclosed in Tax return