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
Union Budget 2023-24 Analysis Budget Highlights : Union Budget 2023-24 Analysis Expenditure: Union Budget 2023-24 Analysis The government plans to spend Rs 45,03,097 crore in the fiscal year 2023-24, representing a 7.5% increase over the revised estimate of 2022-23. Additionally, in 2022-23, total expenditure is estimated to be 6.1% higher than the budget … Read more
