Tax Updates

Section 44AD – A Practical Guide to Presumptive Taxation for Small Businesses Section 44AD – Presumptive Taxation for Small Businesses Book a Consultation On this page Overview Quick Facts Who Can / Cannot Opt Turnover Limits Presumptive Rates Compliance & Return 5-Year Rule Worked Example Should You Opt? FAQs Important Notes Contact What is Section 44AD? A simplified (“presumptive”) tax scheme for eligible resident businesses to declare income at a fixed percentage of turnover instead of maintaining detailed books and claiming actual expenses. Quick Facts Applicable to Resident Individual / HUF / Partnership Firm (non-LLP) ...

Finance Ministry is expecting that tech issues of the new Income Tax (I-T) portal will be resolved soon and the website will function normally by the first week of August, sources informed CNBC-TV18. “Infosys and Finance Ministry are taking a daily update on improvements,”  sources said. Infosys was in 2019 awarded a contract to develop the new income tax filing system to reduce processing time for returns from 63 days to one day and expedite refunds. Income Tax Department had launched its new e-filing portal– http://www.incometax.gov.in — on June 7, 2021. Since then, technical glitches continue to mar the functioning of the new income tax portal as certain key utilities like e-proceedings and digital signature certificates are not yet functional. Infosys is still working on resolving all the issues that taxpayers are facing on the new Income Tax portal, a project that was contracted to the IT bellwether and for which the government has sanctioned Rs 4241 crore.  The comp...