Nowadays people are discussing about a news that no income tax is required upto Rs. 5 lakh. Even some people think that they do not need to file income tax return if their Total Income is below 5 lakh. But the fact is this kind of statements are not really true. Most of the people […]
Do you think Tax Audit threshold limit U/s 44AB for Professionals should be increased from 50 lakh ?- My point of view.
What is Profession ? There is no proper definition of Profession is given under Income Tax Act.According to Sec 2(36) of Income Tax Act, “profession” includes vocation.Sec 44AA deals with the professions that required to maintain books of accounts are, Legal Medical Architectural Accountancy Technical consultancy Interior decoration Any other profession notified by CBDT Is […]