For small businesses and professionals, tax season can feel overwhelming, with countless forms, financial records, and compliance requirements. Sections 44AD and 44ADA of the Indian Income Tax Act offer a simplified route through presumptive taxation—an approach that saves time and effort while making tax compliance more accessible. This guide will […]
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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 readingA Complete Guide to file GSTR-9 & 9C on the GST portal
In India’s Goods and Services Tax (GST) regime, businesses are required to file periodic returns summarizing their supply transactions, tax payments, and input tax credits (ITC) availed. Among the various returns filed under GST, two critical ones that reflect a company’s annual financial activities are GSTR-9 and GSTR-9C. Both GSTR-9 […]
Continue readingComprehensive Guide on Professional Tax in Karnataka
Professional tax is a state-level tax in India imposed on individuals earning an income through salary or practicing a profession such as a lawyer, doctor, chartered accountant, etc. In Karnataka, this tax is governed by the Karnataka Tax on Professions, Trades, Callings, and Employments Act, 1976. This guide provides an […]
Continue readingHow to Pay Professional Tax in Karnataka for the Last Four Years: A Step-by-Step Guide
Professional tax is a state-level tax in India that applies to individuals earning an income from salary or practicing a profession such as a lawyer, doctor, or chartered accountant. In Karnataka, this tax is governed by the Karnataka Tax on Professions, Trades, Callings and Employments Act, 1976. If you need […]
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 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 readingCommon Mistakes to Avoid When Filing Professional Tax Returns.
Filing professional tax returns can be complex, but understanding common mistakes and how to avoid them can make the process much smoother. This tutorial will guide you through the most frequent errors and provide practical tips to ensure your tax returns are accurate and timely. Filing professional tax returns 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 […]
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 […]
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, […]
Continue readingHow to check & Verify Form 26As? A Step-by-Step Tutorial.
Hey, I am Ravi In this blog, I am gonna show you how to understand the heading of Form 26As and how to check this form. IntroductionForm 26AS is an essential document for taxpayers in India as it summarizes the taxes deducted from your income and taxes paid on your […]
Continue readingTDS & TCS: Payment & Return Filing Due dates (with Penalties)
Hey, This is Ravi Kumar, and today I will let you know the due date and return filing dates for TDS & TCS with late fees. What is TDS? TDS stands for Tax Deducted at Source. It’s a mechanism introduced by the government to collect taxes at the source of […]
Continue readingWhat is the AIS? and How to check the AIS Statement?
We are aware that companies deduct TDS/TCS, and if we exceed the exemption limit in any criteria, TDS/TCS will be applicable to us. Why? Because the Indian government has announced that if a person surpasses the exemption limit of earnings, they are liable to pay tax on that amount. Consequently, […]
Continue readingHow to update the Digital Signature Certificate (DSC) on the MCA Portal?
Hi Everyone! In my Today’s session, I will let you know how to update the DSC on the MCA portal. What is a Digital Signature Certificate (DCS)? The DSC is an online machine service, and it serves as a crucial token for every taxpayer. When taxpayers want to file their […]
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