Introduction to GSTR-1A GSTR-1A was once introduced as a way for taxpayers (suppliers) to correct mistakes in the sales (outward supply) data they reported in their GSTR-1 returns. GSTR-1A would give suppliers a chance to accept or reject changes suggested by their buyers based on the inward supply details the […]
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Comprehensive 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 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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