The issue involved revision of assessment where income was declared under Section 44AD. The Tribunal held that absence of ...

A taxpayer opting for the presumptive taxation scheme of section 44AD is also liable to pay advance tax. The total tax liability for any taxpayer is arrived at after taking into account the income ...

Many first-time F&O traders are confused about whether they need a tax audit when they report losses. Here’s an expert clarification on how Section 44AD and audit rules actually apply in such ...

I worked as a full-time employee for five months of this financial year (FY23) and earned ₹11 lakh. From then on, I have been working as a consultant/freelancer (non-technical) for a couple of firms ...

Trading in futures and options (F&O) is now a source of income for people from all walks of life—self-employed, salaried, homemakers and even pensioners. And its growing popularity reflects in the ...

Advance income tax has to be paid in installments on specific dates, and it must be paid in the same year as their income. Advance tax is income tax that is paid in advance rather than in a lump sum ...

Some of you who trade in the markets would have probably received notices for defective returns from the Income Tax department for the assessment year 2012-13. One possible reason could be that you ...