Tax Articles

Union Budget 2021 Update: Earlier Section 44ADA of income tax act was applicable to every assessee who is a resident of India. With the Budget 2021 announcement, the presumptive taxation scheme under sec 44ADA will be applicable to an assessee...

Meaning of section 44AD of Income Tax Act In order to reduce the tax burden and to provide relief to the taxpayers from tax compliances, the government of India incorporated a simplified scheme. The scheme of presumptive taxation under section...

For most of the people carrying on a business or profession, maintenance of books of accounts has always been a trick question. There are many misconceptions about the maintenance of accounts under section 44AA of Income Tax Act,1961. An assessee...

Section 43B of income tax act provides for deduction of a few statutory expenses in the year in which the expense is paid. This means an assessee can claim a few expenses on a payment basis and not on an...

Owning your own house is a dream that many Indians wish to fulfill. With property rates rising rapidly, it becomes difficult to buy a house without a home loan. It is quite hassle-free to a home loan from a banking...

The income tax department mandates payment of advance tax for taxpayers whose total tax payable exceeds Rs 10000 in a financial year. The income tax department makes it easier for a taxpayer to pay the tax due amount in four...

What is an advance tax? Advance tax refers to paying a part of your tax liability before the end of the relevant financial to the income tax department. Advance tax is also known as pay-as-you-earn tax. Every taxpayer needs to...

The income tax act specifically provides for the due date of filing an income tax return for each taxpayer. A non-compliance with the rules and provisions of the income tax act leads to penalties and interests. It is always in...