Income tax department has started sending notices to non-filers for the assessment year 2013-14 & onwards Income tax department has started sending notices to non-filers for the assessment year 2013-14 & onwards & are also using the said information to verify under-reporting of income
Presumptive Taxation of Business: Analysis of Amendments Section 44AD widely affects the businesses in small sector. It was brought in its present shape by Finance Act 2009 wef AY 2011-12. It implies that legislature at that time thought it fit to take a year extra to have impact study of the section. However section 44AD […]
Section 44ADA a Provision to tax more than Actual Income The professionals have been brought under the ambit of Presumptive Taxation for the first time in history of Indian Taxation by virtue of Section 44ADA proposed in the Union Budget 2016. It would be a welcome step provided that the proposed Net Profit (NP) rate […]
Smart Tax Saving Options Friends who were least bothered about tax saving investments throughout the year, have started hunting down options to park their surplus funds and consequently save up on taxes. Being the Good Samaritan, I chalked out some of the most advisable alternatives available under section 80C to save tax. These options help […]
Budget 2016 – Enabling of Filing of Form 15G/15H for rental payments The provision of sub-section 194-I of the Act, inter alia, provides for tax deduction at source (TDS) for payments in the nature of rent beyond a threshold limit. The existing provisions provide threshold of Rs. 1,80,000 per financial year for deduction of tax […]