Presumptive Income under section 44AD: The Income Tax Act of 1961 mandates individuals engaged in business and professions to maintain books of accounts and undergo account audits. However, to ease the compliance burden on small taxpayers, the Act has introduced …
Updated return under Income Tax Act was introduced in Budget 2022 by insertion of a new section 139(8A) in the Act and this came into effect from 1st April 2022. As per Section 139(8a) of Income Tax Act, Updated Returns …
Section 269SS of Income Tax Act: As per Section 269SS of Income Tax Act, a person cannot accept loan or deposit or any other specified sum of Rs.20000 or more from another person, otherwise than by an account payee cheque …