New vs Old Tax Regime The new tax regime under the Income Tax Act in India, introduced in the Union Budget 2020-21, offers taxpayers an alternative tax structure with lower tax rates but without various deductions and exemptions available under the old tax regime. New tax regime: 1. Lower Tax Rates: The new tax regime… Read More »
Public Provident Fund(PPF) The Public Provident Fund (PPF) is a long-term savings and investment scheme introduced by the Indian government. It is one of the most popular and tax-efficient savings options available to Indian residents. Overview of the Public Provident Fund: 1. Purpose: PPF is design to encourage small savings and long-term wealth… Read More »
Threshold Limit of Balance Sheet for School The threshold limit for balance sheet for School and reporting varies for different types of educational institutions in India. Educational institutions are generally exempted from filing income tax returns if their total income falls below a certain threshold. Please note that tax laws and regulations may have… Read More »
ITR for Tour & Travel Agency The suitable income tax return form (ITR) for Tour & Travel Agency generally hinges on the legal structure and the precise intricacies of the agency’s financial operations. In many jurisdictions, businesses file their income tax returns using forms that can design for different types of entities. Generally,… Read More »
Engineer Pay Advance Tax Yes, Engineer can pay advance tax, like any other professionals or individuals, may need to pay Advance Tax depending on their income and tax liability. Advance Tax is a system of paying income tax in installments throughout the financial year, rather than paying it all at once during the end… Read More »
ITR Form for Engineers The applicable ITR form for engineers will depend on their sources of income and the total income. The following are the ITR forms that are commonly used by engineers: 1. ITR-1 (Sahaj): This form is for individuals with total income up to Rs. 50 lakh. It is the simplest form… Read More »
ITR Filing for Fashion Designers ITR filing for Fashion designers typically need to file their income tax returns using Form ITR-4 (Sugam) if they are running their design business as a sole proprietorship or as a partnership firm. Form ITR-4 is meant for individuals and Hindu Undivided Families (HUFs) who have opted for the presumptive… Read More »
ITR Form for the Chemists The applicable Income Tax Return (ITR) form for chemists would depend on the nature of their income and the type of business they are engaged in. Chemists, often engaged in retail sales of pharmaceutical products, may need to consider the following options: 1. Form ITR-3: This form typically… Read More »
Chemists Need to Pay Advance Tax Whether a chemistS needs to pay advance tax depends on the following factors: The chemist’s total tax liability for the financial year Whether the chemist is a senior citizen Whether the chemist has opted for the presumptive taxation scheme If the chemist’s total tax liability for the financial… Read More »
ITR Form for Wholesaler or Content Creators Yes, in India, there is no specific Income Tax Return (ITR) Form for Wholesaler or Content Creators. Both wholesalers and content creators would typically use the relevant ITR forms based on the nature of their income and the type of business they are engaged in. Wholesalers, who… Read More »