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
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 change the name of a private limited company
A private limited company can change its name for a number of reasons like change in ownership, object clause, re-branding etc. Whatever is the reason for change in name of your private limited company, you need to follow below procedures to get it done. In order to change company name, e-form 1 is required to be filed first with state ROC for approval. Before … [Read more...] about How to change the name of a private limited company
Four tax benefits of health insurance and medical expenses you must know
As a first step in your financial plan, you must ensure that you have adequate health insurance for self and family members. Buying health insurance will serve the purpose of protecting financial instability and give access to quality health care. Premium paid for health insurance also enjoys certain tax benefits in income tax act 1961 that you must know to reduce your tax … [Read more...] about Four tax benefits of health insurance and medical expenses you must know
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
How to get registration under Shops and Establishment Act
All businesses in India are required to register under The Shops and Establishment Act with their respective authorities depending on the place of business. Shops and Establishment Act is enacted to regulate the conditions of work and employment such as working hours, holidays, leave, opening and closing hours, rest interval of employees, and payment of wages in shops, … [Read more...] about How to get registration under Shops and Establishment Act
How to calculate working capital
Balance sheet of a business or company consists of assets, liabilities and stockholder’s equity. Working capital for a particular period represents the difference between current assets and current liabilities for that particular period. Working capital will determine the capacity of a business to pay off its current liabilities with current asset or cash and assets available … [Read more...] about How to calculate working capital
What is Cash Credit, how it differs from Overdraft facility
Bank provides different kind of working capital loans to large corporate and SMEs which includes Traders, Manufacturers, Service Enterprises, Retailers, Stockist, Distributors, Merchant Establishments, Departmental Stores, Supermarkets, Restaurants and Multi Brand Outlets etc to finance their day-to-day requirements. Cash Credit or CC is part of bank’s working capital loan … [Read more...] about What is Cash Credit, how it differs from Overdraft facility
What is Tax haven, List of countries considered as tax heaven
Tax Haven can be a state or country or territory where taxes are levied at a very low rate or not at all. It’s described as “sunny places for shady people”. It also refers to places where the country or state has a system of financial secrecy laws or bank secrecy laws or offer favorable tax regimes for foreign investors. Financial secrecy or Bank Secrecy means these … [Read more...] about What is Tax haven, List of countries considered as tax heaven