Hi, this is Ravi. I have over three years of experience in accounting. Today, I’ll be explaining Section 194R in a detailed way Imagine you’re running a successful business. To keep things moving smoothly, you often reward your partners, dealers, or agents with perks like holiday trips, promotional gifts, or […]
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A Complete Guide to Tax Compliance under Sections 44AD and 44ADA: Audits, Eligibility, Filing, and Profit Calculation
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 […]
Continue readingA 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 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 readingUnderstanding Professional Tax: Key Information for Employees and Employers
Professional tax is a critical aspect of taxation that both employees and employers need to understand thoroughly. It is a state-level tax imposed on income earned through employment or professional activities. This guide provides key information on professional tax, helping you navigate its implications and compliance requirements effectively. Table of […]
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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