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SECTION 44AD
Taxation simplified for influencers: Correct ITR form, tax regime to grey zone areas, key checks and tax traps creators must watch out forIndian influencers and gig workers face significant tax compliance challenges. Many struggle with tracking income and claiming eligible ded...- Presumptive taxation: Rebate to losses & deductions, what is the practical impact of changes under Income Tax Act, 2025Under the old Income Tax Act, 1961, the regime operated under three separate provisions. The new Income Tax Act, 2025 consolidates them int...
- Confused about ITR forms? Check the right ITR for salaried, pensioners, students and other taxpayersSalaried individuals, pensioners, and students must select the appropriate ITR form for AY 2026-2027. Taxpayers not requiring an audit can ...
- Opting for presumptive taxation while filing ITR? You may have to face tax audit; here's what you must knowThe Income-tax Act, 2025 introduces a new audit trigger for businesses. This change clarifies audit requirements for low-profit businesses ...
- Will the ITR filing deadline for AY 2026-27 be extended? Here's what taxpayers need to knowTaxpayers can breathe easy as the Income Tax Return (ITR) filing deadline for AY 2026-27 is unlikely to be extended. Unlike last year's tec...
- Income tax return AY 26-27: Excel utility, online filing for ITR-1, and ITR-4 forms now available on e-filing portalIncome tax return AY 26-27: The Income Tax Department has launched Excel utilities and online filing for ITR-1 and ITR-4 for the Assessment...
- Key changes in ITR 1, 2, 3 and 4 forms in FY 25-26: Reporting of LTCG, buyback losses, F&O, intra-day trading & more; what new forms includeThe Income Tax Department has revised ITR forms for FY 2025-26, introducing new disclosure requirements for capital gains, trading, and for...
- 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...
- Presumptive Rules: Tax heat on content creators, consultantsThe Income-tax department is scrutinizing social media content creators, script writers, and consultants who have filed returns under Secti...
- Income Tax Department regrets issuing erroneous notices to taxpayers: Know the detailsIncome Tax Dept sent wrong tax notice to many: The tax department has erred in sending notices to many taxpayers for defective income tax r...
- What is the deadline for income tax audit for FY 2023-24 and who needs to file audit report?Income tax audit for AY 2024-25: Income tax audit needs to be conducted by certain specified taxpayers by September 30, 2024. "Tax audit re...
- How consultants and freelancers can file ITR online on the e-filing income tax portalRead below to find out how people who work as consultants and freelancers file their income tax returns (ITR) online on the e-filing websit...
- 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...
- What is the last date to pay third instalment of advance tax for FY 2022-2023?Advance tax, also called as earn tax, is to be paid in instalments on the due dates set by the income tax department.
- Tax queries: How much of my gratuity amount is tax-exempt?The maximum limit amount of gratuity under the Payment of Gratuity Act, 1972 has been enhanced from Rs 10 lakh to Rs 20 lakh vide notificat...
- Tax queries: Gifts received from relatives are not taxableGift from specified relative is exempt from tax as per Section 56(2) of the Income Tax Act. The gift will have to be supported by a gift de...
- Tax queries: LLP not eligible to avail of presumptive tax benefitsDilip Lakhani, Senior Chartered Accountant answers queries from our readers on income tax and other levies.
- Govt gives tax break to small businesses on digital receipts of moneyFor businesses with turnover up to Rs 2 cr, the existing rate of deemed profit of 8% under section 44AD of the Income Tax Act will be reduc...
- Less tax for small traders on digital transactions: GovernmentFollowing decision to demonetise old Rs 500/1000 notes, the government has taken several measures to encourage digital payments to promote ...
- 5 things to know when filing tax returns onlineIt is that time of the year when you have to sit with a paper & pen to calculate your tax liability. ET tells you the steps to take & the m...
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