Old vs New Tax Regime as per Income Tax Act,1961 Introduction The Indian Income Tax Act, 1961, as of FY 2024‑25 onwards, offers two distinct tax computation frameworks: the Old Tax Regime (Normal Regime) and the New Tax Regime (Default Regime).…
Benefits of Section 44AD of the Income Tax Act, 1961 Section 44AD of the Income Tax Act, 1961 provides a presumptive taxation scheme aimed at simplifying taxation for small businesses. Below is a summary of the key benefits, conditions, and…
A HUF is a joint family’s business which is recognized under Income Tax Act. It is created by members of a family who are lineal descendants from a common ancestor, and it is governed by the Hindu law. The HUF…
There are many types of companies, LLPs, One person companies, Section 8 Companies etc. Can be Created at Registrar of Companies (ROC). Various Acts are applicable to them. They are separate legal entities. Registrar of Companies keeps records concerning companies…
Goods and Service Tax (GST) Requirements, Importance, Benefits, and Losses of GST. GST has replaced various old acts like VAT, Service Tax, etc. Limit of Turnover for GSTN GST has prescribed a limit of Rs 20 Lakhs Turnover in the…
Income Tax Return (ITR) Income tax return is a working of all income having split in all types of heads like salary, House property, capital gain, business profession and others source. It is calculated after considering standard deduction available head…
