What is Audit ? Audit means an inspection of books of accounts by some officials or some specified persons for the purpose of establishing the fact that the accounting records present a true and fair view. Types of Audit There are two types of audit, namely Statutory audit and Tax …Read More »
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 …Read More »
Income Tax Department Survey, Search & Seizure (RAID) – When it happens & What to do? Read here to avoid fraud inspections
Usually we always afraid of such things, about which we have not any clear idea. ‘Income Tax Survey & Raid’ is one of that kind of things. Even many genuine taxpayers are afraid of ‘Income Tax Survey & Raid’ due to lack of proper knowledge and complicated law. Also you …Read More »
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 …Read More »