General Tax Rates apply to all my incomes earned during the year, except where Special Rates apply. Assessment year- what is it General Rates what are they– the Old way Just like I have respect in form of concessions for senior citizens in rail and air tickets, the tax law gives a salute by giving […]
We just learnt. Taxes is a 4 step workout. a. Finding Taxes. Lets get a bit more depth. We classify Incomes into : Incomes at Regular Rates Incomes at Special Rates b. Just to revise, lets find Rebate c. Lets refresh, we add Surcharge d. Lets refresh, we add Secondary Health and Education Cess
How do we work taxes Read More »
To repeat, tax rates, the general tax rates, are announced for each financial or fiscal year just before the year start, in annual budget , speech. These tax rates apply for next financial year. Apart from this, some special tax rates are defined in the tax laws in India, viz, the Income Tax Act.
Tax rates-Introduction Read More »
Objectives: We introduce to : Tax rates-Introduction How do we work taxes General Rates Special Rates How do we work taxes
Objectives-Tax Rates Read More »
On business taxation for small businessmen, we looked at whether we need books, the nature of accounting, the presumptive times, the audit times, just to introduce ourselves to business world.
The conclusion- Income from Business Profession Read More »
I am a big businessman, viz, my turnover exceeds Rs. 1 crore in a year. I am a big specified professional, viz, my gross receipts exceed Rs. 50 lacs in a year. I am declaring profits below 8%/6%(conditional) in business or below 50% in specified profession. Below these limits includes me declaring losses. In all
The audit requirement Read More »
I have an option to presume and declare that my income is 8% (or I have an option to presume more) of my sales. This percentage further reduces to 6% for my portion of sales which are received in bank by cheque or electronic mode. So if I presume and declare an income of 8%
The presumptive option and the Businessmen Read More »
If I am a specified professional, I can go the presumptive way, provided I declare my income to be at least 50% of my gross receipts or revenues. This way I need not maintain books, all my expenses and depreciation are presumed considered, and completes my tax records compliances. This option is only to enable
The presumptive option and the Professionals Read More »
If I am doing normal business (not being in ‘presumptive boat’), and I find that my profits being businessman are below 8%/6% , or being a specified professional are below 50% of my turnover or receipts, then I must get my accounts audited by a Chartered Accountant, as it is always presumed that I will
The minimum % times and moving out of ‘presumptive’ times Read More »
The presumptive option and the Businessmen The presumptive option and the Professionals The minimum % times and moving out of ‘presumptive’ times
The presumptive option Read More »
