Tax Audit Applicability for FY 2023-24 Professionals Introduction: Tax audit is a crucial aspect of compliance for businesses and professionals, ensuring accuracy and transparency in financial reporting. With the constantly evolving tax landscape, it’s essential for professionals to stay updated on the applicability of tax audit for the financial year (FY) 2023-24. In this comprehensive … Read more
Presumptive Taxation in India Presumptive taxation, as per the Income Tax Act, offers relief to taxpayers with turnovers below two crore rupees. Under this scheme, individuals can declare income at a fixed rate, eliminating the need for extensive bookkeeping and audits. This article provides an overview of presumptive taxation in India. Relief in Compliance … Read more
Tax Audit Meaning and Applicability Tax Audit – Meaning and Applicability: Tax Audit Meaning and Applicability A tax audit is an examination of financial records conducted to ensure compliance with the provisions of the Income Tax Act. For corporations, audits are already mandated by the Companies Act. Tax Audit Meaning and Applicability Therefore, tax … Read more
What is an Income Tax Audit? Tax Audit Limit for AY 2024-25 Tax Audit Limit for AY 2024-25 Under Section 44AB of the Income Tax Act, individuals engaged in specific professions or exceeding a certain threshold in business are required to undergo an audit of their account books conducted by a chartered accountant. This process … Read more
Union Budget 2023-24 Union Budget 2023-24 The central government’s spending is outlined and approved by Parliament annually through the Union Budget. According to Article 113 of the Constitution, all expenditures, except for those already earmarked, must be presented as Demands for Grants, organised by the ministry, to the Lok Sabha. These demands are then … Read more
