Can IT Freelancers/Professionals opt for Presumptive scheme of Income tax?

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...

How to save tax efficiently for salaried Individuals

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...

How to choose between the new & old Income tax regime for FY 2020-21

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...

Income Tax Implication on F&O (Futures & options) transactions & Intra-day trading

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...

How & Why to recognize your Business as a Startup

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...

How to reduce taxes on salary

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....

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