Understanding TDS: Tax Deducted at Source TDS, or Tax Deducted at Source, is a mechanism used by tax authorities to ensure the collection of income tax at the source of income itself. This system requires payers to withhold a portion of certain payments, such as salaries, rent, interest, commission, or contractor fees, and remit it […]
TDS rates for AY 25-26 Read More »
Applicability of Tax Audit Professionals: > Professionals like doctors, lawyers, architects, chartered accountants, etc., whose gross receipts from the profession exceed ₹50 lakh in the previous financial year. > When cash transactions constitute no more than 5% of the total gross payments, the turnover threshold for mandatory tax audit is elevated to Rs. 75 Lacks.
Tax Audit and its Due Date Read More »
ITR-5 ITR-5 is for: Firms LLPs(Limited Liability Partnerships) AOPs (Associations of Persons) BOIs (Bodies of Individuals) Artificial Juridical Persons (AJPs) Estates of deceased individuals Estates of insolvent individuals Business trusts Investment funds ITR-6 For Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes), this return has
Income Tax Forms: 5, 6 &7 Read More »
You must file an income tax return (ITR) in India if your gross total income exceeds the basic exemption limit for your age group: Age Group Basic Exemption Limit Below 60 years: Rs 2.5 lakh ₹ 2.5 lakh 60 to 80 years ₹ 3.0 lakh Above 80 years ₹ 5.0 lakh Even if your income is below these
A P P L I C A B L I T Y Resident individuals (not for HUFs, firms, or companies). Individuals with income up to ₹50 lakh. Sources of Income: Salary or pension. One house property (excluding cases where loss is brought forward from previous years). Other sources (excluding winnings from lottery and income from
Guide to file ITR 1 Read More »
All About ITR 3 ITR-3 is used by individuals and Hindu Undivided Families (HUFs) who have income from profits and gains of business or profession. It also includes individuals and HUFs who have income from the following sources: Carrying on a business or profession. Income from house property. Income from salary/pension. Income from other sources.
Everything about ITR 3 Read More »
