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Managing tax compliance can often be a complex and time-consuming task for professionals, especially those running small to medium-scale practices. To simplify tax filing and reduce the burden of maintaining detailed books of accounts, the government introduced Section 44ADA under the Income Tax Act, which offers a presumptive taxation scheme for eligible professionals. This scheme allows professionals to declare a fixed percentage of their gross receipts as income, thereby e

Chapter VI (A) income tax deductions allow taxpayers to claim deductions for certain investments, costs, and donations made throughout the fiscal year, which represents a substantial tax-saving opportunity. Thus, deductions are essential for reducing the total tax liability of an individual or business to the government. In this article, we will explain the deductions under this chapter of the Income Tax Act you can avail of as a taxpayer. Table of Contents: What is Income Ta

The digital marketplace has grown rapidly, with millions of transactions happening online every day. To ensure tax compliance within this thriving sector, the government introduced Section 194O of the Income Tax Act. This section mandates the deduction of Tax Deducted at Source (TDS) on payments made to e-commerce participants through platforms such as Amazon, Flipkart, or any other digital marketplace. Effective from October 1, 2020, Section 194O requires e-commerce operator

Mutual funds and stocks are both investing options, but they require to be approached differently. Potential buyers need to be conscious of other variations between stocks and mutual funds and the procedures involved in investing in them. They will be better equipped to understand both possibilities and make a better choice with a good understanding of both. In the long run, investing in stocks and mutual funds may assist you earn gains that exceed inflation. Before investing

Freelancers earning from professions like consulting, design, writing, law, or medicine can streamline their tax process under Section 44ADA of the Income Tax Act. This provision offers a simplified compliance route, where up to ₹50 lakh in gross receipts (or ₹75 lakh with minimal cash turnover) can be declared at a flat 50% presumptive income. No detailed bookkeeping, no complex calculations. Just declare, pay advance tax if applicable, and file the return. However, even thi

Filing an Income Tax Return (ITR) can often be a complicated process, particularly when it involves capital gains from mutual funds. Many taxpayers are unaware of the correct way to report their mutual fund investments, leading to errors in their returns and potential delays in processing. Mutual fund investments can generate different types of income, including short-term and long-term capital gains, and each has its own tax treatment. Understanding how to correctly file the

Filing income tax returns is a mandatory task for millions of Indians, but for many first-time and casual taxpayers, the process often seems complex, intimidating, and costly. Recognizing this challenge, TaxBuddy, a pioneering AI-powered tax filing platform, has partnered with Jio Finance to launch an affordable and user-friendly ITR filing service for the financial year 2024-25. Starting as low as ₹24 for self-filing and with expert-assisted plans from ₹999, this new service

A salary is a type of fixed remuneration that an employee receives for working for a certain amount of time. However, the term "salary" as used in income tax also refers to several additional payments made to employees by their employers. The Income Tax Act's Section 17 contains specifics about the advantages that employers offer to their staff. Salary is the primary income head that is taken into account when submitting an income tax return. The explanation of salary is cove

Understanding the tax on mutual fund income is vital for every investor. The introduction of Section 194K changed how mutual fund dividend tax works, shifting the responsibility to investors after the Dividend Distribution Tax (DDT) was abolished. This article explains Section 194K, including what it is, its TDS rates, the important threshold limits, how it affects investors, and the latest updates for the financial year 2025-26. This knowledge helps you manage your investmen

Filing Income Tax Returns (ITR) for capital gains from shares and mutual funds requires careful reporting of profits earned from investments. Accurate declaration ensures compliance with the Income Tax Act, avoids penalties, and maximizes tax efficiency. With multiple sources of capital gains—short-term and long-term—investors often face confusion over reporting requirements, calculations, and applicable exemptions. Online platforms like TaxBuddy simplify this process by prov