A partnership firm is a body of more than one person conducting business under one entity. There are two types of partnership firms – Registered partnership firm Unregistered partnership firm A registered partnership firm is a partnership firm that has been registered with the Registrar of Firms and has received a registration certificate for the same. Any […]
Section 17(2) of the Income Tax Act of 1961 covers the salary section, which is a payment that employer gives to their employees. Salary is a composition of basic salary and allowances. Section 17(2) of the Income Tax Act in India pertains to the computation of an employee’s income. It deals with the inclusion of
ITR U or Updated Income Tax Return form is a rescue for those who have not filed their ITR or missed or incorrectly reported income in previous returns. ITR-U is a form that allows taxpayers to correct errors or omissions on their ITRs up to four years (as announced in Budget 2025) from the end
Property tax is a type of tax levied on real estate properties. In India, the buyer of a property is required to pay TDS (Tax Deducted at Source) on the amount paid to the seller. The provision of TDS on Sale of Property was introduced to ensure that the government receives its share of taxes from the
Section 17(3) of the Income Tax Act, which is Profits in lieu in Salary, mentions the profits an employee earns beyond their regular salary. In common words, these profits are known as a bonus or incentives and are mostly provided in cash. Profits in lieu of salary fall under the head “income from salaries” and
The Presumptive Income Tax Scheme for Professionals under Section 44ADA of Income Tax Act, 1961 (Replaced by Sections 58(2) and 62(1)(a) of the new Income Tax Act, 2025 which is to come into effect from 01.04.2026) is designed to simplify tax calculations for professionals. It allows eligible taxpayers to declare a fixed percentage of their gross receipts
The new income tax law, under Section 515(3)(b) of income tax bill, 2025, has retained the existing definition of accountants, ensuring that Chartered Accountants (CAs) continue to serve as auditors without any changes. This decision maintains consistency in financial reporting and auditing practices, providing clarity for businesses and professionals alike. Also, Chartered Accountants (CAs) will continue
Any person carrying on business with total sales, turnover, or gross receipts exceeding fifty crore rupees in the preceding tax year shall provide facility for accepting payments through prescribed electronic methods, in addition to any other electronic payment methods, already offered.
India’s Income Tax Bill, 2025, introduces a major reform by replacing the term “Previous Year” with “Tax Year.” This change aligns India’s tax system with global standards, improves compliance, and enhances transparency. ✅ Key Benefits: Streamlined tax administration 📑 Reduced confusion for taxpayers 💡 Better alignment with international financial systems 🌍 📌 What Was “Previous
1. Structural and Conceptual Changes The Income-tax Bill, 2025 aims to simplify and modernize the Income-tax Act, 1961, while aligning with global best practices. The language is simplified, and redundant provisions are removed. The Bill organizes provisions logically to improve clarity and ease of interpretation. 2. Key Differences in Approach Aspect Income-tax Act, 1961 Income-tax
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