Interest on TDS RefundAccording to the provisions under Section 200A of the Income Tax Act, if the Income Tax Department delays or is late in paying the refund tax amount, then the taxpayer is entitled to get a simple interest of 6% per annum on the specified refund amount. ...
IntroductionThe term "Audit" means the inspection of books of accounts of an organization. The books of accounts may include production report, cash book, annual report etc. In simple words, Audit refers to official inspection of books accounts of an organization by an independent body....
IntroductionThese days' Mutual funds are being considered as one of the most popular and convenient investment option as it helps the individual to achieve his or her financial goal at the time of need. Generally, Mutual funds are termed as tax saving instruments. Inves...
IntroductionMinimum Alternate Tax is the tax which is paid by companies that comes under the category of indirect tax. This tax helps to ensure that the none of the taxpayer who are earning a good amount of amount do not get a chance to avoid the liability of tax as result of any exclus...
Presumptive Taxation for BusinessesPresumptive Taxation for a business is provided under Section 44AD of the Income Tax Act, 1961. A business having a turnover not exceeding Rs. 2 crore can opt for presumptive taxation. The businesses can declare profits for non-digital transactions and...
