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 […]
Continue readingWhat 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 […]
Continue readingRecent Changes in Professional Tax Laws.
Professional tax is a state-level tax in India imposed on individuals earning income from various professions, trades, or employment. Each state in India has its own laws and regulations regarding professional tax. Staying updated with the latest changes in these laws is crucial for compliance and avoiding penalties. This guide […]
Continue readingUnderstanding 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 […]
Continue readingComprehensive Guide to the GST Filing Process in India
Hi, This is Ravi Kumar, and today, I will let you know about the GST, Navigating the complexities of the Goods and Services Tax (GST) system in India can be challenging for businesses of all sizes. Since its introduction in July 2017, GST has streamlined the country’s indirect tax structure, […]
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