To reduce the burden on small taxpayers, Government of India has provided various schemes wherein the person is not required to maintain his books of account or get their books …
Income Tax Audit: Small Taxpayers or Presumptive Income Read More »
Presumptive Taxation Scheme or PTS is a scheme wherein there is no requirement to maintain books of accounts. Further, in order to avail this scheme, the taxpayer must have a …
Advance tax, as the name suggests is the tax which is to be paid in advance by the assessee during each financial year. It is also known as ‘Pay as your Earn’ Tax and is different from the usual income tax. For paying this tax, the assessee has to estimate his income beforehand for the entire financial year and pay the tax accordingly. This Advance tax collection is to ensure that the government is able to collect taxes uniformly throughout the year.
Any income received in India including income from YouTube and other sources, is subject to Income Tax in India. This income tax is charged if the income earned by the …
Due date for payment of whole amount of advance tax in respect of assessment year 2021-22 for assessee covered under presumptive scheme of section 44AD / 44ADA is 15th March, 2021.
The term Intraday Trading means that the buying and selling of the stocks are done on the same day. While buying stock, the person has to specifically mention ‘intraday’ on the portal through which he is buying stocks. Through this trading, the traders earn money by buying or selling stocks and derivatives on the same day from price fluctuations at given point of time. The profits earned on this intraday trading of stocks are speculative gains and loss as speculative loss.