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 readingCan I Show Expenses Under Sections 44AD & 44ADA?
Sections 44AD and 44ADA of the Income Tax Act provide simplified tax schemes for small businesses and professionals in India. These sections are designed to reduce the burden of maintaining detailed books of accounts and undergoing audits for eligible taxpayers. A common question among taxpayers is whether they can show […]
Continue readingHow to Recover Your 6% Tax Amount When Filing Your Income Tax Return
Recovering your 6% tax amount when filing your income tax return can be a crucial process to ensure you claim the correct amount of tax paid. The 6% tax rate often applies under the presumptive taxation scheme of Section 44AD of the Income Tax Act, of 1961. This scheme is […]
Continue readingIncome Tax Return Under Section 44ADA
Section 44ADA of the Income Tax Act provides a simplified tax regime for professionals, allowing them to declare income on a presumptive basis. This tutorial will guide you through the steps to file your company’s Income Tax Return under Section 44ADA. Filing the Companies Income Tax Return under Section 44ADA […]
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