Income tax Archives -

Presumptive Taxation Scheme for Professional Section 44ADA

Presumptive taxation scheme for professional section 44ADA was brought into effect from the financial year 2016-17. It provides a simple and efficient method of taxation for professionals whose annual gross receipts derived from profits and gains … [Read more...]

Presumptive Taxation Scheme Section 44AD

The Income Tax Act, 1961 pertains to a number of schemes that benefit the tax payer. In the interest of the tax payers Presumptive Taxation Scheme section 44AD was designed for a smoother and simpler form of taxation of income in the hands of the … [Read more...]

Income Tax help Line contact numbers

Are you looking for Income Tax help Line contact numbers. Here is the solution. The below chart presents the income tax help line numbers purpose wise. For example, in case of general queries you need to contact the Aaykar Sampark Kendra and in case … [Read more...]

How to calculate CTC- Cost To Company ?

The full form of CTC is Cost to the company. The monetary benefits which a company gives to its employee refers CTC. It is basically the annual salary package which a company offers. In this article i have given information on how to calculate CTC … [Read more...]

Dividend Distribution Tax Under Section 115O

Dividend distribution tax is paid as per section 115O for any amount declared, distributed or paid by a domestic company by way of dividend ( whether interim or otherwise), whether out of current or accumulated profit. The rate for dividend … [Read more...]

TDS Rates Chart for FY 2017-18 & FY 2016-17

Budget 2017 has announced the TDS Rates Chart for FY 2017-18 / AY 2018-19. TDS is a concept of deduction of Tax at source of income. The TDS is deducted at the rate mention in the relevant finance Act. The Finance Act 2017 provides for TDS Rates … [Read more...]

Budget 2017-18 Highlights of Changes in Direct Taxes

Two major economic decisions, one is GST and other is demonetization was expected to have major impact in the budget 2017-18 and the Government was expected to soothe the 50 days pain of the people of India caused through demonetization. The … [Read more...]

Pradhan Mantri Garib Kalyan Yojana: How Black Money will be Taxed

Do you have the Black Money? The government of India has bring changes in present income tax law to tax black money since concerns were raised that existing law has some loopholes. Accordingly, the Taxation Laws (Second Amendment) Bill, 2016 (‘the … [Read more...]

Tax Audit Report format, Due Dates & Forms

Tax audit is conducted as per section 44AB of Income Tax Act, 1961. When a person’s turnover exceeds the specified limit or he shows profit less than specified percentage, tax audit becomes mandatory. The basic idea is that when a person is having … [Read more...]

A Master Guide on What is income tax ?

In India, constitution is the supreme document & parent Law. All other laws are enacted from it and within its power. It gives power to Central Government to levy a tax on income. Accordingly, Income Tax Act, 1961 was enacted. This Act replaced … [Read more...]