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PRESUMPTIVE TAXATION
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...- 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...
- 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...
- Earn Rs 75 lakh, pay tax on Rs 37.5 lakh: how doctors and lawyers are doing it the legal way
- US-based son gets tax notice in India over Rs 11 lakh cash deposit made on behalf of parents during demonetisation; ITAT Delhi cancels notice for this reasonA US-based son, Mr. Bussi, successfully challenged an Indian income tax notice after depositing Rs 11 lakh cash into his parents' account d...
- From ₹1K gigs to ₹70 lakh hustle: Techie quits moonlighting to reclaim LifeA young platform engineer from a tier-3 college revealed his intense moonlighting journey, juggling two remote roles to earn Rs 70 lakh ann...
- 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...
- CBDT notifies amendments in I-T rules for presumptive taxation of non-resident cruise shipsThe income tax department has amended rules for presumptive taxation for non-resident cruise ship operators. This regime, introduced in the...
- 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...
- 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...
- 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: 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 ...
- Presumptive taxation regime works in SMEs' favourIn order to reduce SME's administrative burden and compliance costs, there is a special provision under the Income Tax Act, 1961, which hel...
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