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Section 44AD: Presumptive Taxation for Business Income for AY 2018-19

Under this section, an eligible assessee engaged in eligible business with turnover less than 2 Crore can consider his taxable business income (PGBP) as – 1. 6% of his digitally* received turnover or gross receipt [Only for AY 2018-19]; and 2. 8% of his remaining turnover or gross receipt The 6% or 8% is the minimum taxable limit and declaration of business income below this limit will cause a taxpayer to maintain proper books of accounts in order …Read More

Tax Changes for Filling of Income tax Return For A.Y 2018-19, FY 2017-18

1. Limit for payment of expenses by cash (Both capital and revenue expenditure) reduced from RS. 20,000 to RS. 10,000 per day in aggregate per person. 2. No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST). 3. Tax Exemption limit is Rs.2,50,000/- (same as earlier) After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%). 4. Tax rebate is …Read More

RBI discontinues issuance of LoUs/ LoCs for Trade Credits for imports

  RESERVE BANK OF INDIA Mumbai – 400 001 RBI/2017-18/139 A.P. (DIR Series) Circular No. 20 March 13, 2018 All Authorized Dealer Category – I Banks Madam/ Sir Discontinuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits Attention of Authorized Dealer Category – I (AD Category – I) banks is invited to paragraph 2 of A.P. (DIR Series) Circular No. 24 dated November 1, 2004 and paragraph No. …Read More

Major Highlights of 26th GST Council Meeting

GST Council in its 26th Meeting held under the Chairmanship of the Union FM, Shri Arun Jaitley today in New Delhi sent a strong positive signal to exporting community by deciding to extend the available tax exemptions on imported goods for further 6 months beyond 31st March,2018. Thus, exporters presently availing various Export Promotion Schemes can now continue to avail such exemptions on their imports up to 1st October,2018, by …Read More

Section 195 of IT Act

Tax Deducted at Source is the first way of collecting taxes. Section 195 of the Income Tax Act is a section that covers the TDS on Non-resident payments. This section identifies the tax rates and deductions on business transaction with a non-resident from a day –to-day basis. Under Section 195, the income is chargeable under Income Tax Act. Any sum is charged and the certificate for remittance is mandatory. Any …Read More