Presumptive taxation is a scheme designed to simplify the tax compliance process for certain categories of taxpayers, primarily small businesses and professionals. This system allows taxpayers to declare income at a prescribed rate without the need to maintain detailed books of accounts. The goal is to reduce the administrative burden […]
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Types of Income and Expenses to Show in Section 44AD & 44ADA Filing
Sections 44AD and 44ADA of the Income Tax Act, of 1961, offer a simplified taxation scheme for small businesses and professionals, respectively. These sections allow taxpayers to declare their income at a presumptive rate, reducing the need for maintaining detailed books of accounts and undergoing audits. However, many taxpayers often […]
Continue readingHow to record expenses entries on Zoho Books
Hi everyone, In my today’s blog, I will let you know, how to record expense accounts on Zoho Books. Expense? An expense is the money a business spends on regular stuff to keep running. It includes things like rent, salaries, and supplies. To see if a business is making or […]
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