Budget 2018

posted in: Audit, Compliance, Income Tax | 0

Changes made in the Budget 2018 Summary of the Budget 2018:- Income Tax Slabs remain unchanged Cess on Income Tax hiked from 3% to 4% Standard deduction of 40,000 in lieu of transport allowance and other medical expenses. Reintroduction of … Continued

Advance Tax

posted in: Compliance, Income Tax | 0

Advance Tax What is advance tax? Simply put, it is an advance payment of tax. Instead of paying your taxes in one go at the year end, it has to be paid in installments. This scheme is also known as … Continued

Section 44ADA

posted in: Compliance, Income Tax | 0

Section 44ADA – Special provision for computing profits and gains of profession on presumptive basis. There are good number of compliances under the Income Tax Act. These include maintaining a proper set of books of accounts, getting these books of … Continued

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