Posted On:  7 months ago


Which ITR form you should File? New Income Tax Return form for AY 2017-18 FY 2016-17

Which ITR form you should File? New Income Tax Return form for AY 2017-18 FY 2016-17 This article will give you all the knowledge regarding the latest changes in the ITR forms and also clarifies regarding the various types of form with respect to its applicable income and also which ITR to be used against which income.

article author CA Chirag Chauhan

Posted On:  8 months ago


Why you need to pay Advance tax before 15th March?

Advance tax is the payment of income tax which is paid in advance. Instead of paying in a lump sum at the end of the year, it is paid in advance. It is paid in four installments as per the prescribed due dates. The income tax department prescribes due dates for advance tax payment. Advance tax is payable only on estimate basis. While computing liability for advance tax, income-tax calculated on the current income estimated by the assessee shall be reduced by TDS deducted / TCS collected, MAT /AMT credit, relief under tax-treaty. After making payment of first/second installment of advance tax, the assessee can revise the remaining installments of advance tax in accordance with his revised estimate of current income and pay tax accordingly. Advance tax is based on the principle of “pay as you earn”. It is collected even before the income tax becomes payable and the installments are payable during the financial year itself. Advance tax receipts help the government to receive a constant flow of tax receipts throughout the year so that the expenses can be incurred rather tha receiving all the tax payments at the end of the year.

article author CA Chirag Chauhan

Posted On:  9 months ago


Changes in Presumptive Tax Regime u/s 44AD from FY 2016-17.

Section 44AD was originally introduced in the Income Tax Act by the Finance Act, 1994 with effect from the assessment year 1994-95 providing the presumptive income schemes to the taxpayers who were engaged in the business of civil construction. Later on the section was amended or substituted by the Finance (No. 2) Act, 2009 extending the provisions of earlier section to all small businesses except that covered under the section 44AE, with effect from assessment year 2011-12 titled as – “ Special provisions for computing profits and gains of business on presumptive basis”. The consequences of the amendment affected section 44AF by making it no n operational as all the retail traders falling under section 44AF can now avail the scheme under section 44AD.

article author CA Chirag Chauhan

Posted On:  9 months ago


Professionals will require Tax Audit if they are showing Income less than 50% of Receipts - Section 44ADA

Introduction of presumptive scheme for Professionals The Justice Easwar Committee has recommended a new scheme for professionals in line with existing Presumptive Scheme for person engaged in Business. The Committee was of the view that this scheme is quite popular amongst small traders. It was felt that there is a strong case for introducing a similar simplified presumptive income scheme for professionals.

article author CA Chirag Chauhan

Posted On:  11 months ago


Receive digital payment for business and pay Zero Tax for sales up to 1 Crore - Section 44AD

The government on 19th December 2016 issued a press release for encouraging and Promoting Digital Payments & Creation of Less-Cash Economy. One of the measure was to reduced rate in presumptive taxation for transaction in digital mode. The rate of presumptive income of 8% will be reduce to 6% if receipts are done in digital form like wallets, NEFT, RTGS, etc

article author CA Chirag Chauhan

Posted On:  1 year ago


Know all about Tax Planning – What, Why and How?

Tax planning can be defined simply as planning your cash outflow towards payment of taxes in legitimate manner most beneficial to you. It draws attention to “Payment of taxes”, here question to be answered is how one can reduce that taxes or one can postpone it to future date using tax planning tools. “Legitimate Manner” means it should not be tax evasion using illegal tools of tax saving and hiding certain transactions.

article author CA Chirag Chauhan

Posted On:  1 year ago


Astounding Tax Planning & Compliances, Small Businesses cannot afford to miss!!

It describes the various tax planning avenues and tax compliances that small businesses should keep in mind. Last week I wrote, how the Salaried employees can save taxes. Today I am going to write how small businesses can save taxes and also the compliances these businesses should keep in mind.

article author CA. Dhruv Gaglani

Posted On:  1 year ago


Threshold Limit of tax audit under section 44AB and section 44AD - clarification regardingh

Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every person carrying on business to get his accounts of any previous year audited if his total sales, turnover or gross receipts exceed one crore rupees. However, if an eligible person opts for presumptive taxation scheme as per section 44AD(1)

article author Rakchamps&Co. Chartered Accountant

Posted On:  1 year ago


Changes in Income Tax Provisions Wef. 01.06.2016

Amendment relating to Advance Tax (The change is effective from financial year 2016-17 onwards) Amendments relating to TDS and TCS Expenses incurred by the assessee towards specified services to be covered under section 40(a)(ib) [W.e.f. 1-6-2016] Enabling of Filing of Form 15G/15H for rental payments [Section 197A]  [1-6- 2016 Relief to a non-resident for furnishing PAN [Section 206AA] Amendment to section 133C Income Declaration Scheme 2016 - This scheme will be effective from 1 June 2016 (already notified) The Direct Tax Dispute Resolution Scheme, 2016

article author Soniya Agarwal

Posted On:  2 years ago


Instructions for SUGAM ITR4S filing Income Tax Return for FY 2015-16 AY 2016-17

This Return Form is applicable for assessment year 2016-17 only, i.e., it relates to income earned in Financial Year 2015-16.

article author CA Chirag Chauhan

Posted On:  2 years ago


Missed filing Income Tax Return for FY 2013-14 and FY 2014-15? Last Chance to file your Income Tax Return before 31 March 2016

The deadline to file your Income Tax Return has already lapsed. Income Tax Act Says, If a person has not furnished the return of income within the time allowed under section 139 (1), then he may furnish the return of income at any time before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. So the assessee who has not filed his return for Financial Year 2013-14 can has last chance to file before March 2016 and person who has not filed his income

article author CA Chirag Chauhan

Posted On:  2 years ago


Income Tax Slab Rates for Financial Year 2016-17 Assessment year 2017-18

This article will give full detail about the slab and flats rates that are applicable for the Assessment year 2017-18 for each person whether company, HUF or individual.

article author CA Chirag Chauhan

Posted On:  2 years ago


Income Tax Slab Rates for Financial Year 2015-16 Assessment year 2016-17

This article will give full detail about the slab and flats rates that are applicable for the Assessment year 2016-17 for each person whether company, HUF or individual.

article author CA Chirag Chauhan

Posted On:  2 years ago


Starting a New Business or Profession? Compare Structure and type of Entity– Sole, Partnership, LLP or Company

The very first question in the mind of entrepreneurs when they start new business or profession is the structure of entity which can be formed which has legal status and easy to do compliance. Many Start up are confuse whether to Form a Private Limited Company or Limited Liability Partnership or Partnership to begin the new venture. The article gives you analysis which can help you to decide structure of the entity its tax benefit and compliance requirement.

article author CA Chirag Chauhan

Posted On:  2 years ago


Union Budget 2016-17 - An Analysis

Dear Reader, The Finance Minister in his Budget presented to the Parliament today has aimed at giving fillip to growth and promoting the new age industries. Please find enclosed herewith our Tax Bulletin analyzing the direct tax proposals as stated in the Budget. Trust you will find it an interesting read.

article author Vispi T. Patel

Posted On:  2 years ago


How to Pay Zero Tax for Professionals (CA, CS, Lawyers, Doctors, etc) earning Income of Rs 16 Lacs in Financial Year 2016-17- Section 44ADA Budget 2016

The Present Scheme of Presumptive Taxation is only for certain Business. Budget 2016 has introduce presumptive taxation scheme to reduce the compliance burden of the small professional tax payers having income up to Rs 50 Lacs from professions.

article author CA Chirag Chauhan

Posted On:  2 years ago


How to Pay Zero Tax for Income up to Rs 12 Lakhs from Salary for Financial Year 2016-17 Budget 2016

The Budget has made no significant change for Tax Rates for Individuals. The Individuals who earn income of Less than 5 Lakhs rupees will get Rs 5000/- as Tax rebate under section 87A.

article author CA Chirag Chauhan

Posted On:  2 years ago


How to Pay Zero Tax for Business Receipts -Turnover of Rs 1 Crore for Financial Year 2016-17 Budget 2016

To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD. A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from tedious job of maintenance of books of account.

article author CA Chirag Chauhan

Posted On:  2 years ago


BUDGET 2016 - CA ROHIT R SHARMA

GIST OF UPDATES IN BUDGET 2016

article author ROHIT SHARMA

Posted On:  2 years ago


Most Litigated Matters Under Income Tax Laws

Summary of several provisions in the Income Tax laws which has given rise to litigations and which requires modification with a view to ensure certainty and predictability in tax laws.

article author Shivam Tara