Partnership Return Signatories Who can partnership return signatories, the partners are generally responsible for signing and filing the partnership tax return. The partnership return is usually filed on behalf of the partnership, reporting its income, deductions, and other relevant information for tax purposes. The partnership return is typically signed by one of the authorized… Read More »
RCM in GST The RCM stands for Reverse Charge Mechanism in GST. The Reverse Charge Mechanism is a concept under GST wherein the recipient of goods or services is liable to pay the GST instead of the supplier. To put it differently, the Reverse Charge Mechanism necessitates that the individual receiving goods or services obliged… Read More »
Section 44ADA The presumptive taxation scheme of Section 44ADA is applicable for certain professionals who have a total gross income of up to Rs. 50 lakhs in a financial year. This scheme is available to the following professionals: 1.Resident individuals 2.Resident Hindu Undivided Families (HUFs) 3.Partnerships with resident partners However, professionals who have income from… Read More »