Wednesday, 21 December 2016

Going Digital can cut your Taxes

Government has made its mind Reduce Existing Rate of Deemed Profit u/s 44AD from 8% to 6% in respect of amounts/receipts through banking channel/digital

As per latest CBDT Press Release dated 19-12-2016:

 Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of certain assesses (i.e. an individual, HUF or a partnership firm other than LLP) carrying on any business (other than transportation, agency, brokerage and commission) and having a turnover of Rupees Two Crore or less, the profit is deemed to be 8% of the total turnover.


Key Takeaways from 27th GST Council Meeting

GST Council today in its 27 th meeting approved principles for filing of new return design based on the recommendations of the Group...