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PRESUMPTIVE TAXATION SCHEME
Invested in US stocks directly and made forex gains due to depreciating Rupee? Know how to compute tax on forex gains and report it in ITRIndian residents investing in US stocks face forex gains tax. These gains are taxable as capital gains when US dollars are converted back t...- Earn Rs 75 lakh, pay tax on Rs 37.5 lakh: how doctors and lawyers are doing it the legal way
- CIC flags lack of tracking system for tax evasion complaints, urges GST authorities to improve transparencyThe Central Information Commission has urged GST authorities to implement a system for tracking tax evasion complaints. Currently, complain...
- Income Tax Dept tightens disclosure norms under presumptive taxation schemeStarting from the assessment year 2026-27, a new mandate will compel taxpayers utilizing the presumptive taxation system to reveal their ba...
- New ITR forms for AY 2026-27: NRIs opting for new presumptive income scheme have to make this separate disclosure additionallyNew ITR forms for AY 2026-27 mandate Non-Resident Indians (NRIs) opting for the presumptive income scheme to separately disclose gross rece...
- Declaring business or F&O income below 6% of turnover? Tax audit report may be mandatoryTraders declaring business or F&O income below 6% of their turnover may face a mandatory tax audit. This rule applies even if turnover is b...
- Niti Aayog moves to simplify tax for foreign firmsIn its Tax Policy Working Paper Series -1: Enhancing Certainty, Transparency and Uniformity in Permanent Establishments and Profit Attribut...
- Budget 2025: Extension of presumptive tax regime to boost investment"Extending the presumptive taxation scheme to certain non-residents is a strategic step to incentivise foreign participation in India's gro...
- Budget 2025: Presumptive tax may cover emerging techThe February 1 budget may expand the presumptive tax regime to include sectors like data centres, AI, and green technology, raising the tur...
- Should you be a salaried person or consultant if your annual income is Rs 60 lakh?The Budget 2023 has proposed many changes in the new tax regime and presumptive taxation scheme. The proposed changes have asked the indivi...
- Which income tax regime professional under presumptive taxation scheme should choose?The changes announced in the Union Budget 2023 has tried to make the new tax regime attractive for taxpayers. Further, the Budget proposed ...
- Presumptive taxation eligibility limits enhanced for professionals and MSMEsEarlier MSMEs with annual turnover up to Rs.2 crore and Professionals with income up to Rs.50 lakh were allowed to go for presumptive taxat...
- Partnership structures' presumptive income could come under taxman's lensPartnership structures, which are considered effective for taxation purposes, are set to attract the tax department’s attention after the M...
- 71% surge in ITRs filed till August; presumptive tax filers jump 8-foldThis was led by a massive eight-fold jump in returns filed by entities under the presumptive tax scheme and 54 per cent increase in e-filin...
- How are gains from F&O to be taxed and declared in ITR?As gains from F&O are considered non-speculative business gains, income tax is levied according to the applicable tax slab rates.
- Tax queries: Presumptive tax only if income is below Rs 50 lakhEvery week, an expert selected by ET answers queries from our readers on income tax and other levies.
- Budget 2016: For small businesses & professionals, a way to save money, and a tax headacheTo further keep the compliance burden minimum, those using presumptive taxation scheme are also allowed to pay advance tax by March 15 of t...
- Budget 2016: 33 lakh MSMEs to gain from presumptive tax changes says Kalraj Mishra"33 lakh people will benefit from the changes announced in the Presumptive taxation scheme," Union Minister Kalraj Mishra said.
- Budget 2016: Fewer tax hassles for professionalsProfessionals will now be able to file taxes via a simpler ITR-4S form instead of the lengthier ITR 4.
- Budget 2016: Presumptive taxation regime for professionals introducedBudget 2016 proposes to introduce presumptive taxation regime for professionals which till now was for certain eligible persons engaged in ...
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