Tag: Income Tax
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Income Tax Amendments – Budget 2025
The Union Budget 2025-26, presented by Finance Minister Nirmala Sitharaman, introduced significant amendments to India\’s income tax structure, particularly under the new tax regime. Here are the key changes: Revised Income Tax Slabs: Income up to ₹12 lakh: No income tax will be levied. Standard Deduction – ₹75,000, effectively making income up to ₹12.75 lakh…
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Amendments to Partnership Firms – Finance Act 2024
I. Increase in the allowable deduction limit for remuneration paid to working partners of a firm Effective from the Assessment Year 2010-11, Sub-clause (v) of clause (b) of section 40 of the Income Tax Act, 1961 (\”the Act\”) established a cap on the allowable deductions for remuneration to working partners of a partnership firm, subject…
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Section 44AD – Presumptive Taxation
Eligible Assesse : Resident Individual/Resident HUF/ Resident Firm (excluding LLP) who has not claimed deduction u/s 10AA or 80IA to 80RRB Exceptions : This section is applicable for any Business except Sec. 44AE Business,Agency Business,Commission & Brokerage business; and Turnover/Gross Receipts is upto 2 crore. Note: Where the amounts received during the PY in cash…
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List of codes NOT eligible for section 44AD
Annexure A – List of codes not eligible for Section 44AD Code Sub Sector 9005 General Commission Agent 14001 Software Development 14002 Other Software Consultancy 14003 Data Processing 14004 Database activities and Distribution of Electronic Content 14005 Other IT Enabled Services 14006 BPO Services 14008 Maintenance and repair of office, accounting, and computing machinery 16001…