Presumptive Taxation Section- 44AD, 44ADA,44AE

Presumptive Taxation Section- 44AD, 44ADA,44AE According to provision of Income Tax Act,1961 there  is special provision for computing profits and gains of business  on presumptive basis. The  Cental Government of India give some relief to small business man from maintain books of account as per prescribed under section 44AA . Under presumptive Taxation Sections there … Read more Presumptive Taxation Section- 44AD, 44ADA,44AE

Minimum Alternate Tax( MAT) Section 115JB Income Tax Act,1961

Minimum Alternate Tax( MAT) Section 115JB Income Tax Act,1961 According to Income Tax Act, 1961 Income Tax is liable on income earned during the relevant previous. But some companies was showing huge profit  according companies Act book of account while computation income according to Income Tax Act ,1961 show’s  Nil profit. So that these type … Read more Minimum Alternate Tax( MAT) Section 115JB Income Tax Act,1961

How pay zero tax on Rs. 10,00,000 annual income from salary

How pay zero tax on Rs. 10,00,000 annual income from salary. According the provision of Income Tax Act 1961 every assessee need to pay Income Tax on his total income earned during previous financial year ( like 01/04/2019 to 31/03/2020). Income Tax is payable on the total income at the rates of income tax prescribed in relevant financial budget. The … Read more How pay zero tax on Rs. 10,00,000 annual income from salary

Rates of income tax for assessment year 2021-22

Rates of income tax for assessment year 2021-22 According to Income Tax Act 1961 an assesse total income taxed as per relevant assessment year income tax rates. According to Finance Act 2020 now there will be two income tax rates available from budget 2020 Old Regime New Regime If the individual or HUF opts to … Read more Rates of income tax for assessment year 2021-22