Income Tax

intricacies on tDS payment to land owner by promoter in joint development

There should be Joint Development Agreement (JDA) registered as mentioned U/s.45(5A). Such agreement is termed as Specified Agreement.Applicable only in case of consideration made in Cash, Cheque, draft or by any other mode.Not applicable for the value of Area Sharing given by the Promoter to the Land Owner.Not applicable for Agricultural Land.Provisions of Section 203A shall apply for Promoter for obtaining a TAN and accordingly file TDS returns.

Presumptive Taxation under Income Tax Act 1961

analysis of Sections 44AD & ADA

44ADA. (1) Notwithstanding……….., who is engaged in a profession referred to in……….and whose total gross receipts do not exceed fifty lakh rupees in a previous year, a sum equal to fifty per cent of the total gross receipts of the assessee in the previous year on account of such profession or, …………… shall be deemed to be the profits and gains of such profession chargeable to tax under the head “Profits and gains of business or profession”.

How to save income tax in India

There is a host of entire legitimate ways of saving tax under the Income Tax Act, 1961. These include tax-saving mutual funds, NPS, insurance premiums, medical insurance and many others. In this article, we cover all the major tax deductions under the Income Tax Act: The below mentioned investments/deductions are all subject to a cap of Rs …

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Different types of taxes in India

Taxes are an essential part of any nation to promote its economic growth. The taxes that we pay fill the coffers of the government, which are then utilised by it to deliver various services to the country’s population. The government has been given the authority to collect taxes by the Indian Constitution. All the taxes …

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8 Reasons Why You Should Outsource Your Accounting

  Introduction Some small business owners consider having an internal team to manage their finances or, in some cases, manage it themselves. This might be suitable for some, but most businesses could really benefit from outsourcing their accounting to a specialist.There are numerous reasons why outsourcing your financial management makes business sense, here are eight. …

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