Tag: BusinessTax

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A Complete Guide to Sections 44AD and 44ADA: Simplified Taxation for Small Businesses and Professionals

Navigating tax laws can be complicated, especially for small businesses and self-employed professionals who often lack the resources to maintain detailed accounts. To support this segment, the Indian Income Tax Act offers simplified tax filing through presumptive taxation schemes under Sections 44AD and 44ADA. These sections help eligible taxpayers save […]

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CBDT Extends Due Date for Audited IT Returns for AY 2024-25 to 07th Nov 2024

In a welcome relief to businesses and tax practitioners, the Central Board of Direct Taxes (CBDT) recently issued Circular No. 13/2024, announcing an extension of the income tax return (ITR) filing deadline for Assessment Year (AY) 2024-25. This decision comes amid growing concerns from corporate entities and auditors facing tight […]

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What is Professional Tax Enrollment (PTEC) and Professional Tax Registration (PTRC)?

Professional tax is a state-level tax in India imposed on individuals earning an income through salary, practicing a profession, or running a business. In Karnataka, professional tax is governed by the Karnataka Tax on Professions, Trades, Callings and Employments Act, 1976. This tutorial provides a comprehensive guide on Professional Tax […]

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Understanding Professional Tax: Key Information for Employees and Employers

Professional tax is a state-level levy imposed on individuals and entities engaged in employment, professions, or business activities. This tax, administered by state governments, varies in its application and rates across different regions. This guide offers a detailed overview of professional tax, its purpose, and the responsibilities of both employees […]

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