People engaged in business or professions are required to maintain regular books of accounts, which can be a time-consuming, costly, and tedious task. Let us understand the presumptive taxation scheme for professionals under Section 44ADA of the Income Tax Act. Section 80CCD – Contribution towards NPS Section 80D – Health insurance premium paid for self, spouse and children, and separate …
In the interim budget presented by caretaker finance minister Piyush Goyal on February 1, a major relief has been provided to the income taxpayers, with the increase in the threshold for the rebate. Due to this, small businesses and traders having an annual turnover up to ₹1.5 crore may not need to pay any income tax. The section 44AD of …
