Presumptive Taxation Scheme is a scheme for small taxpayers where they can opt for the scheme and declare income at a prescribed rate and he is also relieved from maintaining the books of accounts. There are three sections under Presumptive Taxation Scheme: Section 44AD- For Small Business If an individual is running a small business and [...]
Income Tax Audit: Limit, Due Dates, Penalty, Auditor Appointment Income Tax Audit is basically an assesment / review of the accounts of any business/ profession with regards to the payment of Income Tax . Let's look at income tax audit limit and other details due date etc.
Tax Audit Before we dive into the specifics of the tax auditing and taxation related details, let's just take a step back and look at what an audit means. 'Audit' essentially means an inspection of the accounts of a particular organization especially by an outside independent third-party. In this piece, we're going to look at tax audit and [...]