Presumptive Taxation: Section 44ADA For Partnership Firm
This scheme is only applicable to a resident assessee who is an Individual, HUF, or partnership but not a limited liability partnership firm.
Normal
Normal
Tax Audit Limit For Partnership Firm
For every year, the due date of furnishing the tax audit report is 30th September of the subsequent year
Best Fertilizer Stocks to Buy in India
In the month of May 2021, fertilizer stock rise as the price of raw materials such as phosphoric acid and ammonia, among others rise in price.
Best Sugar Stocks to Buy in India
Sugar Industry Stocks is a subsector of the Indian Stock Market. In India, the sugar industries have a huge business. Sugar consumption in India is the highest in the world. India has also seen record sugar cane output in one …
Remuneration to Partners
Remuneration which is allowed as expenses in the hands of partnership firm will be taxable in the hands of receiving partner as “Income from business and profession” and if such remuneration is not allowed as expenses in the hands of partnership firm then it will not be taxable in the hands of partners.
Standard Deduction For Salaried Individuals
It was introduced back in Budget 2018 in lieu of transport allowance and reimbursement of miscellaneous medical expenses
Income Tax Audit Penalty and Late Fees
If their is genuine reason for delay or non-filing of audit report, then as per section 273B of the Income Tax Act, no penalty shall be imposed if reasonable cause for such failure is proved.
Assessment Year 2021-22: Last date of Income Tax Return and Income Tax Audit Report
Last Date of ITR and Tax Audit– The due date of filing your ITR is a date by which, the assessee can submit your Income Tax Return (ITR) without any late fee and penalty. The class of taxpayers listed under …