Cash Deposits under Presumptive Taxation—Whether Attract Section 68 or 69A? Cash deposits under presumptive taxation schemes (Sections 44AD, 44ADA, & 44AE) and their implications u/s68 of the Income Tax Act. Section 44AD/ADA/AE allows eligible businesses and professionals to declare profits on a presumptive basis, thereby exempting them from maintaining books of accounts u/s44AA, provided they …
Digital Transformation in Tax Administration Faceless Assessment Introduction The Income Tax Act, 1961, has been subject to continual reforms aimed at Increasing clarity and efficiency, Promoting voluntary compliance and Minimizing malpractices such as Wrongful deductions Underreporting of income Non-disclosure of taxable income To address these concerns and usher in modernization, the Faceless E-Assessment Scheme was …
BREAKING NEW : Excel Utilities for ITR-1 & ITR-4 Now Available for AY 2025-26! Tax Filing Season Officially Begins : The early release of Excel Utilities for ITR-1 and ITR-4 for AY 2025-26 is a welcome step, allowing taxpayers to prepare and file their returns well ahead of time. Don’t wait for the deadline …
Resident but Not Ordinarily Resident (RNOR) tax status in India Who is a Resident but Not Ordinarily Resident (RNOR)? RNOR Status: The Hidden Tax Advantage for Returning NRIs. RNOR is a special tax classification under Indian income tax law. It applies to returning NRIs and provides a bridge between full non-resident and resident status—offering limited-time …
Income Tax benefits decoded comparison of the old vs new income tax regimes for FY 2025–26 “Tax benefits decoded” offers a detailed comparison of the old vs new income tax regimes for FY 2025–26, helping taxpayers evaluate which regime is more beneficial based on their deductions and exemptions. Rebate under Section 87A for the FY …
Income Disclosed under Presumptive taxation scheme (Sections 44AD, 44ADA, or 44AE): Cash deposits in bank A/c Cash deposits in bank A/c in cases where income is declared under presumptive taxation scheme (Sections 44AD, 44ADA, or 44AE): Section 68 of the Income Tax Act can only be invoked when There is a credit entry in the …
Taxation on income from shares and mutual funds under various sections for FY 2024-25 Categories of Mutual Funds: Equity-Oriented Funds (EOFs) – >65% investment in equity shares of domestic companies. Specified Mutual Funds – <35% in equity (as per Finance Act 2023) / >65% in debt or debt-oriented FOFs (as per Finance (No.2) Act 2024, …
New Income Tax, TDS, and TCS changes effective from April 1, 2025 Key Income Tax, TDS, and TCS changes effective from April 1, 2025, which affect salaried individuals, startups, crypto investors, business entities, and more: Major Income Tax Changes (From April 1, 2025) Revised New Tax Regime Slabs Income Slab (₹) Tax Rate Up to …
What are the common Reasons for Scrutiny & How to Avoid Them Why Do You Receive an Income Tax Notice? Even if you have filed your Income Tax Return (ITR) correctly and on time, a notice may still land in your inbox. The reasons could range from minor errors to major mismatches. Understanding these can …
Lesser-Known Facts About VPF (Voluntary Provident Fund) Key Features of VPF: Extension of EPF, Not a Separate Scheme : Voluntary Provident Fund is not a separate fund — it is an extension of the Employee Provident Fund (EPF). Only salaried employees contributing to EPF can opt for Voluntary Provident Fund. Contributing to a VPF account is not …