Meaning and Importance of Residential StatusBasically, the tax liability of an individual taxpayer depends on his or her residential status in India for a specific financial year. It is to be noted that determination of residential status under Income Tax Law is different fro...
EMPLOYEE'S PROVIDENT FUND The aforesaid scheme was started under Miscellaneous Act, 1952 under the Employee's Provident Fund for employee's benefit after his ret...
Presumptive Taxation for BusinessesPresumptive Taxation for a business is provided under Section 44AD of the Income Tax Act, 1961. A business having a turnover not exceeding Rs. 2 crore can opt for presumptive taxation. The businesses can declare profits for non-digital transactions and...
IntroductionMinimum Alternate Tax is the tax which is paid by companies that comes under the category of indirect tax. This tax helps to ensure that the none of the taxpayer who are earning a good amount of amount do not get a chance to avoid the liability of tax as result of any exclus...
IntroductionThese days' Mutual funds are being considered as one of the most popular and convenient investment option as it helps the individual to achieve his or her financial goal at the time of need. Generally, Mutual funds are termed as tax saving instruments. Inves...
IntroductionThe term "Audit" means the inspection of books of accounts of an organization. The books of accounts may include production report, cash book, annual report etc. In simple words, Audit refers to official inspection of books accounts of an organization by an independent body....
