Under Section 44AD of the Income Tax Act, taxpayers who opt for the presumptive taxation scheme are not required to maintain detailed books of accounts
The Annual Information System (AIS) is designed to capture various high-value transactions and income data. The thresholds for AIS reporting are typically set by the
In India, a person dealing exclusively in tax-free (or exempt) goods is not required to obtain GST registration under certain conditions. Specifically: Since tax-free goods
Section Exempt Income Conditions 10(1) Agricultural Income Income from agricultural activities on land in India. 10(2) Share of income from HUF Income must be derived
The Income Tax Act, 1961 provides a simplified taxation scheme known as Presumptive Income Scheme under certain sections. These provisions allow eligible taxpayers, mainly small
The Income Tax Act, 1961 classifies taxpayers, also known as “assesses,” into various types based on their legal status and tax liability. Each type of
Here’s a detailed list of all the sections and subsections related to Section 54 of the Income Tax Act, 1961, which deal with exemptions from
Here’s a detailed list of all the major deductions available for income taxpayers in India under the Income Tax Act, 1961: 1. Section 80C –
Tax Deducted at Source (TDS) in India is a system under the Income Tax Act, 1961, where the person responsible for making certain payments deducts
Bank Reconciliation is a process to ensure that your bank ledger in Tally ERP matches your bank statement, confirming the accuracy of recorded transactions and
