Tag Archives: #AssessmentYear

What is the threshold limit and due date of tax audit report for Architectural, Engineering and Surveying Services ?

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 »

What is the difference between section 112 and 112A of the Income Tax Act, 1961?

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 »