Section 44ADA – Presumptive Tax Scheme for Professionals -A scheme for presumptive taxation was introduced under section 44ADA from the FY 2016-17. -Section 44ADA provides a simple method of taxation for small professionals. Section 44ADA offers a scheme of presumptive taxation of profits and gains arising from professions mentioned under Section …
Namaste to all the lovely ladies out there! Are you ready to learn about a special savings scheme exclusively for women and girls? Well, hold on to your seats because I have some exciting news for you! Introducing the Mahila Samman Savings Certificate Scheme – a savings plan designed to …
As a freelancer, it is crucial to have a good understanding of your tax obligations and make sure that you file your taxes correctly every year. However, this can be a complex and challenging process, especially if you are new to self-employment. In this comprehensive guide, we will provide you …
The Indian Partnership Act, 1932 (the Act”) was enacted in 1932 and came into force with effect from 01st October, 1932 except section 69 of the Act which was came into force w.e.f. 1st October, 1993. A “contract’ is essential for every Partnerships and the same is governed by the Indian Contract. …
Income Tax Department is sending messages to taxpayers regarding payment of advance tax keeping in view transactions incurred during the financial year 2022-23 i.e assessment year 2023-24. The last date to make payment of advance tax is 15/03/2023. Ultimately, this helps to maintain the financial health of the nation and …
DEMONETISATION 2.0 Demonetisation in India took place six years ago on 8 November 2016 by the Government of India. It was an attempt made by the Indian government to flush out the black money from the Indian capital circulation and expansion of the formal sector of the market but hasn’t been …
Steps to be followed: Drafting of Partnership Deed (It Includes the Declaration about Conversion) Filing of Returns by Proprietorship & Partnership Firm The taxpayer has to select the date from which the registration of proprietorship is to be cancelled and new GST registration of Partnership is applied. The taxpayer has to …
TDS (Tax Deducted at Source) : TDS is deducted on a periodic basis. TDS is the Tax Deducted by a Payer, from the Income earnings of the recipient, at the time of payment and is then remitted to the government by the payer on behalf of such payee. TDS amount paid is …
THE FUTURE OF FINANCES IS HERE! CHATGPT TAKES ACCOUNTING BY STORM! We have arrived in 2023 with a bang – a big, artificially intelligent bang! The ChatGPT bandwagon is growing fast, so if you haven’t jumped on it yet, now is the time. This hot new AI sensation is taking …
Overview of the US tax system: The United States tax system is a federal system that collects revenue from individuals and businesses to fund government programs and services. The main agency responsible for administering the tax system is the Internal Revenue Service (IRS). Individuals who earn income in the US are …
