Tax Audit Report for Architectural Tax Audit Report for Architectural In India, for businesses engaged in providing architectural, engineering, and surveying services, the threshold limit for tax audit under Section 44AB of the Income Tax Act is Rs. 1 crore. This means that if the total gross receipts or turnover from these professional services… Read More »
Assessment year and Previous year Assessment Year and Previous Year are two significant terms used in the Indian Income Tax Act of 1961, and their meanings are as follows: Previous Year is a term use in the Indian Income Tax Act, 1961, which refers to the specific financial year during which the income… Read More »
Introduction The Income Tax Act, 1961, governs taxation laws in India and includes various provisions for computing capital gains tax. Two crucial sections related to long-term capital gains (LTCG) are Section 112 and Section 112A. While both sections pertain to taxation on LTCG, they have different applicability, benefits, and limitations. Understanding their distinctions helps taxpayers… Read More »