Daily Archives: February 4, 2017

Tax on presumptive income @ 6% if sales through banking channel w.e.f AY 2017-18

Tax on presumptive income @ 6% if sales in Digital Mode w.e.f AY 2017-18 Summary :As per Finance Bill 2017 , w.e.f 01.04.2016 FY 2016-17 (AY 2017-18)  proposed that the presumptive income under Section 44AD of income tax act shall be deemed to be 6% (instead of 8%) in respect of amount received through banking channel during… Read More »

Tax Audit Limit AY 2017-18 for Presumptive Taxation

Tax Audit Limit for Presumptive Taxation w.e.f AY 2017-18 Summary – Tax Audit Limit AY 2017-18  :As per Finance Bill 2017 , w.e.f 01.04.2016 FY 2016-17 (AY 2017-18) Section 44AB  an eligible person opting for presumptive taxation scheme as per section 44AD(1) shall not be required to get his accounts audited if the total turnover or gross receipts… Read More »

Limit for maintenance of books of accounts for Businessmen /Professional w.e.f 01.04.2017

Limit for maintenance of books of accounts for Businessmen /Professional w.e.f  01.04.2017 Summary :As per Finance Bill 2017 , w.e.f 01.04.2017 FY 2016-17 (AY 2018-19) under Section 44AA of Income Tax Act , every person carrying on any business or profession (other than specified profession of medical, legal, etc.) is required to maintain books of account… Read More »

Economic & Commercial Laws book for CS- Executive exam (4th Edition 2017)

Economic & Commercial Laws [CS- Executive] (4th Edition 2017) by Tejpal Sheth (Author) This Book on Economic & Commercial Laws book for CS- Executive  is updated as per syllabus of the Institute of Company Secretary of India applicable to June 2017 and onward examination. Foreign Exchange Management Act, 1999 is updated as per master circular of the… Read More »