Category: Income Tax

post-Section 44AD & 44ADA: Presumptive Taxation in 2022
Section 44AD & 44ADA: Presumptive Taxation in 2022

To reduce the burden of compliance of small taxpayers, the govt provides for a scheme of Presumptive Taxation which is very easy to understand and comply with. Under the scheme of Presumptive Taxation, the small taxpayers are not required to...

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Advance Tax Payment: Due Dates and Interest on Late Payment

If the Income Tax Liability of any taxpayer is more than Rs. 10,000 in a financial year, then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of...

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Is Income from Shares – Business Income or Capital Gains?

A lot of people trade and invest in stocks – some do it part-time as an investment and some do it full time as a business. From the point of view of taxation – this leads to confusion on whether...

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Compliance Notice: Non-filing of ITR – Reasons and How to Respond

An Income Tax Return is mandatorily required to be filed if the Total Income is more than the minimum amount which is exempted from the levy of tax. In other words, it is compulsory to file an Income Tax Return...

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How to deal with Intimation under Section 143(1)(a) of Income Tax

As the name states, an Intimation under Section 143(1) is only an Intimation and not a Scrutiny/ Assessment Order. Intimation under Section 143(1) is an auto-generated letter by the computers of the Income Tax Department without any human interference. Intimation...

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How to submit ITR 1 Form (SAHAJ) online in 2017

ITR 1 Form (also known as Sahaj) is one of the most popular form for filing Income Tax Returns because it applies to most of the Salaried Employees. However, it does not apply to all categories of Salaried Employees as...

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All About GST on Export of Software Service

Goods & Services Tax (GST): GST is the complete mechanism to bring in numerous indirect taxes under one umbrella and thus rationalising the whole tax system. GST engulfs Central Goods & Services Tax (CGST), Integrated Goods & Services Tax (IGST),...

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Income tax e-filing: Questions you probably have in your mind

The time to file your income tax return is here! You must be struggling with many doubts and certain questions too. We have listed some common questions people quite often have every tax season. Read through the below questions and...

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7 Myths about Term Life Insurance

We have been inclined to be financially intelligent and always seek a tangible return benefit if we spend money anywhere, even if it is for safety. However, there are few things that carry far more importance in life than they...

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Income Tax on Startups in India & Tax Incentives to Start-ups

Several incentives have been announced by the Govt for startups and these benefits are being enhanced every year. All these incentives and all other relevant points regarding Income on Startups in India have been mentioned in this article. The following...

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