Archive | Freelancers

high value cash transactions

Govt has reduced tax burden on small traders & businessmen

Measures for Promoting Digital Payments & Creation of Less-Cash Economy In yet another game changing move, the ministry of finance has lowered the rate of deemed profits that are chargeable to tax under presumptive scheme for businesses. For the small business traders doing business in manufacturing, wholesale,retail or trading, opting for presumptive scheme of taxation […]

Continue Reading

Revise your income tax return if you must but exercise caution

One by one, the tax department has been plugging loopholes to prevent tax evasion.  The latest is the diktat on revision of tax returns. A recent release from the tax department has warned people to not revise their returns to accommodate excess cash as current year’s income. Let’s understand in detail.   Who can revise […]

Continue Reading
Audit

What is the turnover limit for Audit of businesses?

Any person carrying on a business must get accounting records audited if turnover exceeds Rs 1 crore. [As per section 44AB of the income tax act]. Read in detail about audit and accounting rules for businesses here. With the change in turnover limit for presumptive income, there has been some confusion about applicability of audit for businesses […]

Continue Reading