Presumptive scheme under Income tax is a popular scheme used by Businesses & Professionals. This scheme essentially reduces the burden of Income tax compliance on Micro & Small businesses & Professionals. Presumptive scheme for specified professionals was introduced in 2016. Presumptive scheme allows the taxpayer to presume their income as a certain % of their Gross… Continue reading
An E-commerce seller is a seller who lists its products/services on E-commerce platforms like Amazon, Flipkart etc. The question is whether & what TDS do they require to deduct. The answer is- like any other business, TDS compliance apply to an E-commerce seller just like it applies to any other business & they are required… Continue reading
Who doesn’t want to pay less tax? So, in this article we are discussing about how a salaried Individual can save tax through tax planning. Salaried Individuals have comparatively limited options available when it comes to saving tax. Nevertheless, if we utilize what we have efficiently, a significant amount of tax saving can be achieved…. Continue reading
You must have heard about the extension in dates of filing ITR for FY 2018-19 (belated) & FY 2019-20. Here we will discuss about the dates and also some of the important aspects one should know with respect to changes in income taxes: Here’s a summary of extended dates To file belated ITR for FY… Continue reading
The time to file ITR is going to begin soon for FY 2019-20. CBDT has notified various tax forms and provisions regarding the filing of Income Tax Returns. Further, form ITR-1 is available for filing in the income tax e-filing website now. The last date to file belated ITR for FY 2018-19 is 30th June… Continue reading
The Union budget 2020 has introduced new income tax regime in India for Individual taxpayers with reduced rates (and increased twists). We will discuss about the following in this article: What’s there in the income tax old regime and new regime? What are the conditions to avail it and who can opt it? Is it… Continue reading
This article is about how trading in derivatives(F&O) and intra-day trading is to be treated under the Income tax, i.e. the income tax implications on F&O (future & options) trading We will briefly discuss the following: 1. Basic understanding of the concept 2. Computation of income- F&O & intra-day trading 3. Calculation of turnover- F&O… Continue reading
The article explains What is a startup, Process of recognition of a startup, Benefits of recognition as a startup which includes Income tax deduction under Section 80 IAC, an exemption under section 56 of Income Tax Act (Angel Tax Exemption), Intellectual Property Right (IPR) benefits, Relaxation under public procurement norms, Self-certification under labour and environmental… Continue reading
Introduction The salaried employees are always in a frenzy about taxes and plans out ways to save it. The allowances and perquisites received by a salaried person is either fully taxable or partly taxable or exempt. The article below illustrates different ways in which salaried class can save their taxes. 1. Standard Deduction Standard Deduction,… Continue reading
Form 16 is a certificate from the employer that has details of salary paid to an employee and tax deducted at source (TDS) from his or her salary for the financial year. It has to be issued by the Employer to the Employee under Section 203 of the Income-tax Act, 1961. It has two sections—part… Continue reading