Presumptive Taxation For Professionals We all know about the Section 44AD of Income Tax Act, 1961s provides for presumptive taxation For Professionals scheme for eligible persons engaged in eligible business. However such scheme is not available for professionals. Hence, for reducing the compliance burden, the Finance Act, 2016 has inserted the section 44ADA being a […]
Tag Archives: Income Tax updates
How much gold you can kept ? After announcement the demonetisation there are wide rumours about How much gold you can kept . I tried to clear some of the doubts in the minds of public the CBDT issued a clarification on 1st December, 2016.
Transfer of property between firm & partners –Taxation aspects Introduction: S. 45(3) and S. 45(4) were brought in to the statute book to deem pooling of assets by partners in to the firm and distribution of assets by the firm to partners on dissolution or otherwise, as transfers for tax purposes with a view to […]
Fraud in India on debit cards – How safe is the Debit Card? In the news sometime back it was shown that SBI had blocked about six lakh debit cards after it suspected a malware-based breach was detected in an ATM network outside the bank’s purview. About 30-32 lakh debit cards are learnt to have […]
PAN mandatory for these Transactions PAN (Permanent Account Number) is a 10 digit alphanumeric number, issued by the Income Tax Department, in a card form. It enables the Income Tax Department to link the transactions of the person with the Department and thereby, .acts as an identity of the person.