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PRESUMPTIVE INCOME SCHEME!

Freedom from accounting, audit, scrutiny & advance tax for small businesses declaring 8% or higher profits Business entities having an annual turnover or gross receipts of less than Rs. 1 crore need to be familiar with the special provisions of Section 44AD of the Income-tax Act in regard to computing profits and gains of business on presumptive basis. The major highlights of the ‘Presumptive Income Scheme’ are...

PAVING FOR DOUBLE TAX SAVING!

ITAT Ahmedabad holds capital gains of Rs.1 crore exempt u/s.54EC, where investment is split in two financial years              Section 54EC of the Income-tax Act provides for exemption of taxable long term capital gains (LTCG) arising from the transfer of an asset, to the extent the amount of such gains are invested in notified bonds within a period of six months from the date of transfer. Notified for this...

SIMPLE PRE-BUDGET PRESCRIPTION!

Via meaningful reforms in tax administration FM can earn immense tax-payer goodwill without losing any tax revenue!               There was a time until the mid-1980s when our direct tax rates were so high, that Indian taxpayers used to pray to the FM, “Take away all our income, just return us our taxes!” However, the past 25 years have witnessed a considerable rationalization in the direct tax rate structure. And,...

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