MINIMUM ALTERNATE TAX (MAT)

MINIMUM ALTERNATE TAX (MAT)

OBJECTIVE There are various companies, which earn substantial amount of profit, quite enough to be able to declare dividend to their shareholders. However, they avail a number of deductions, exemptions or incentives, due to which their net taxable profit comes out to...
ADVANCE TAX

ADVANCE TAX

  What is Advance tax? Every assessee is required to pay income tax on his/her income exceeding the basic exemption limit. But, the tax required to be paid is ascertained only after the end of the year, so that the right amount of tax can be deposited on his/her...
PERMANENT  ACCOUNT  NUMBER (PAN) AND AADHAR CARD

PERMANENT  ACCOUNT  NUMBER (PAN) AND AADHAR CARD

WHAT IS PAN? PAN is a 10 digit alpha-numeric unique number allotted to each individual who apply for it. The digits of PAN signify the following: Let PAN of Mr. Ravi Lamba be:  A   A   A   P   L   1  2   3   4   C WHAT DOES THE FOURTH CHARACTER- STATUS MEAN? A ...
Tax on Presumptive Basis

Tax on Presumptive Basis

Tax on Presumptive Basis- Section 44AD, 44ADA and 44AE   Meaning and intention Section 44AD, 44ADA and 44AE of the Income Tax Act provides a presumptive taxation scheme, which is intended to reduce the compliance burden of small businessmen and relieve them from the...
TAX DEDUCTED AT SOURCE (TDS)

TAX DEDUCTED AT SOURCE (TDS)

Introduction​ As the name suggests, Tax Deducted at Source aims to collect tax from the very source of income. Here, the specified assessee (deductor) making specified nature of payment to any other person (deductee) shall deduct tax at source and remit the same into...