Category Archives: Income Tax

Income Tax

Section 44 ADA – Presumptive Tax Scheme for Professionals

Section 44 ADA - Presumptive Tax Scheme for Professionals

Section 44 ADA: Presumptive Tax Scheme for Professionals. Difference Between Section 44AD & 44ADA, Presumptive Income Computation System for Professionals. What is Presumptive Taxation Scheme under Section 44AD of Income Tax Act. Analysis of Section 44ADA of The Income Tax Act, 1961. Everything to know about Presumptive Taxation for Professionals. All About Section 44ADA. In this article we provide complete […]

Income Tax Slab Rates AY 2019-20, FY 2018-19, Income Tax Rates 2019

Income Tax Slab Rates

Income Tax Slab Rates AY 2019-20, FY 2018-19, Income Tax Rate 2019 & All Past Years. Income Tax Rate for Individuals for AY 2019-20. All Assessees are required to file income tax return each year if they have taxable income of more than Rs.2.5 lakhs. The income tax rates AY 2019-20 or FY 2018-19 for salaried […]

Interest Expenses – Deduction & ITS Assessment under Income Tax Act

Interest Expenses

Interest Expenses – Deduction & ITS Assessment under Income Tax Act: The Income-tax Act, 1961 (hereinafter “the Act”) provides detailed provisions to claim a deduction of expenses incurred for earning business income. Sections 30 to 36 of the Act deal with deductions for computing profits and gains of business or profession and also prescribes certain […]

TDS on Rent – New Amendment, Terms, Due Dates, Rates, Person who Liable

TDS on Rent

TDS on Rent – Terms, Due Dates, Rates, Person who Liable. Complete Details for TDS on Rent. Find Full Details for TDS on Rent. As per section 194 I of Income tax act 1961 ,TDS on rent has to be deducted where the aggregate amount paid or credited or likely to be paid or credited to […]

Income Tax Benefits for Senior citizens, Benefits for Senior Citizens

Income Tax Benefits for Senior citizens

Income Tax Benefits for Senior citizens, Benefits for Senior Citizens under Income Tax Act. Detail of benefits for Senior Citizens under Income Tax Act for the financial year 2018-19. In budget 2018 the finance minister announced some special tax benefits for Senior Citizens. Income Tax Benefits for Senior citizens Definition of Senior Citizen- A person becomes […]

Tax Audit Due Date Extended to 31.10.2018 for AY 2018-19

Tax Audit Due Date Extended

Tax Audit Due Date Extended to 31.10.2018 for AY 2018-19. CBDT extends due date for filing of Income Tax Returns & audit reports from 15th October 2018 to 31st Oct 2018 for all assessees liable to file ITRs for AY 2018-19 by 15.10.2018, after considering representations from stakeholders. Liability to pay interest u/s234A of ITAct will remain. […]

History of Income Tax in India, Genesis of Direct Tax & IT’s Reforms

History of Income Tax in India

History of Income Tax in India, Genesis of Direct Tax & IT’s Reforms in India. Law is Dynamic in Nature: This means that law evolves over time in order to meet the specific needs of the society in which it is operative. During the Rajaswa Gyan Sangam held in September 2017, Prime Minister Narendra Modi had […]

Changes in ITR and Tax Audit Report Forms (Form 3CD) for AY 2018-19

Changes in ITR and Tax Audit Report Forms

Changes in ITR and Tax Audit Report Forms (Form 3CD) for AY 2018-19: It is the tax season of the year!! The tax filings for the year ended 31st March 2018 are due and hence, the taxpayers and the tax professionals must be aware of the compliance and disclosure requirements in the tax audit report […]

Overview of Tax Audit : Section 44AD, 44AB, 44ADA, Form No 3CD

Overview of Tax Audit

Overview of Tax Audit: In recent years, significant changes have been made in Form No. 3CD. Insertion of new clauses in recent years such as clause 17 related to transfer of land, building or both, changes in clause 21(b) in respect of amounts inadmissible under section 40(a), clause 33 which requires section-wise details of deductions admissible […]

Auditors Responsibilities while doing Tax Audit – A Detailed Analysis

Auditors Responsibilities while doing Tax Audit

Auditors Responsibilities while doing Tax Audit: The tax auditor should obtain from the assessee, the statement of particulars in Form No. 3CD duly authenticated by him. It would be advisable for the assessee to take into consideration the following general principles while preparing the statement of particulars: Auditors Responsibilities while doing Tax Audit (a) He can […]