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 »
Section 112 Vs. 112A Income Tax Section 112 and Section 112A of the Income Tax Act, 1961 address the taxation of long-term capital gains from the sale of listed equity shares or equity-oriented mutual funds. However, there are several distinctions between these two sections Section 112 Vs. 112A Income Tax. Applicability: Section 112 covers all… Read More »