If you’re a small business owner or self-employed professional, you’ve likely felt overwhelmed by the paperwork and compliance demands that come with tax season. India’s Income Tax Act recognizes this struggle, and Sections 44AD and 44ADA offer a much-needed break. These sections introduce presumptive taxation schemes—a simplified way to handle […]
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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 […]
Continue readingA Comprehensive Guide to Sections 44AB, 44AD, and 44ADA
For many small business owners and professionals, tax compliance can be a daunting task, filled with complex calculations and legal jargon. Fortunately, the Indian Income Tax Act has provisions that make tax compliance easier and more straightforward through presumptive taxation schemes. Sections 44AB, 44AD, and 44ADA specifically target small businesses […]
Continue readingWhat is Presumptive Taxation? A Detailed Guide
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 […]
Continue readingTypes 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 readingTax-Free Rate for a Company under Section 44AD and Section 44ADA of the Income Tax Act, India
Sections 44AD and 44ADA of the Income Tax Act, of 1961, offer a simplified taxation scheme for small businesses and professionals. These provisions aim to ease the compliance burden on small taxpayers by allowing them to declare income on a presumptive basis. Section 44AD: Presumptive Taxation for Small Businesses Section […]
Continue readingFiling Companies Income Tax Return Under Section 44AD
Filing the Companies Income Tax Return under Section 44AD is a streamlined process designed to simplify tax compliance for small businesses. Section 44AD, under the Income Tax Act, provides a presumptive taxation scheme that allows eligible businesses to declare their income at a prescribed rate, reducing the burden of maintaining […]
Continue readingDeemed Profit (Section 44AD): A Comprehensive Guide
Deemed profit is a concept in taxation where certain income is presumed or deemed to be the profit of a taxpayer, regardless of the actual profit earned. This concept is often used to simplify tax compliance, particularly for small businesses and certain types of transactions. Deemed profit provisions are specified […]
Continue readingSection 44AD of the Income Tax Act: A Comprehensive Guide
Section 44AD of the Income Tax Act is a presumptive taxation scheme designed to simplify the tax filing process for small taxpayers. This section allows eligible taxpayers to declare income as a percentage of their turnover or gross receipts, thereby reducing the burden of maintaining detailed books of accounts. Basic […]
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