Income Tax

Benefits of Outsourcing Accounting and Bookkeeping Services

Introduction to Outsourcing Accounting and Book-keeping Function


It is commonly believed that accounting and bookkeeping must be done within the organisation.....

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03/05/2023

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Written By: Sunil Jaiswal

Income Tax Planning

What is Income Tax Planning? 

 

Tax Planning means planning tax liability by taking benefits of the concessions and exemptions provided in the tax law. It involves the process of arranging business operations in such a way that reduces tax liability......

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03/05/2023

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Written By: Sunil Jaiswal

Sec. 44AD

As per sec 44AD an eligible taxpayer can declare their income at a prescribed rate, without the need for maintaining regular books of accounts. The provision applies to small taxpayers who carry out a business or profession and have a turnover of up to Rs. 2 crores......

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18/05/2023

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Written By: Swati Baid

Individual Tax Rate

OLD REGIME TAX RATE Vs. NEW REGIME TAX RATE

Assessment Year 2023 - 24

In the Assessment year 2023 – 24 an assessee has the option to choose the tax rate under the Old Regime Tax Rate or New Regime Tax Rate as per his/her choice. Before opting for the New Regime Tax the assessee has to file a Form 10-IE within a prescribed time period.....

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18/05/2023

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Written By: Swati Baid

Tax Exemption to a start up company -Sec. 80 IAC

Startup

Who is eligible to enroll under the DPIIT Start Up Scheme

  1. Incorporated as a Private Limited Company, a Registered Partnership Firm or a Limited Liability Partnership...

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18/05/2023

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Written By: Swati Baid

Tax Exemption u/s 80IAC of Income Tax Act to Startup in India

The following entities can claim the profit earned in a previous year as exemption u/s 80IAC:

  • The entity must be a Private Limited Company, a Registered Partnership Firm or a Limited Liability Partnership
  • The entity must be formed between 1st April 2016 and 31st March 2023......

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25/05/2023

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Written By: Swati Baid

Step to register and avail the deduction us 80IAC

  1. Determine eligibility: Ensure that your start-up meets the eligibility criteria specified under Section 80IAC. This includes being an eligible start-up as defined by the Department of Industrial Policy and Promotion (DIPP) and engaged in an eligible business.
  2. Prepare necessary documents: Gather the required documents to support your registration application...

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25/05/2023

  66 Likes

Written By: Swati Baid

FAQs on exemption u/s 80IAC of Income Tax Act

Q: What is Section 80IAC of the Income Tax Act?

A: Section 80IAC of the Income Tax Act, 1961, provides tax benefits to eligible start-up entities registered on DPIIT.

Q: Who is eligible to claim benefits under Section 80IAC?.....

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25/05/2023

  82 Likes

Written By: Swati Baid

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