INCOME TAX

Do you know, the requirement of Tax Audit in the case of Retail Equity Traders?

Hello Investor friends, Hope you making money from the stock market. Great! Do you know? Anyone who actively trading in the stock market has to file income tax returns mentioning details of Trading as a business activity income using the ITR-3 form. You must be thinking what if there is a loss? Still, you have …

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revised Income Tax return

Revised Income Tax Return can be filed even after Income Tax Notice- Rules ITAT

It has been always a point of discontent between Tax paper and Tax official, up to which period return can be revised by the taxpayer. As per Section 139(5), “If any person, having furnished a return under sub-section (1) or sub-section (4), discovers any omission or any wrong statement therein, he may furnish a revised …

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ITR, Mytaxdost

How To Avoid 8 Common Deadly Mistakes During ITR Filing?

Individual and Hindu Undivided Families Constitutes major almost 97% of e-filers. It’s also true that this category prone to make mistakes while filling their ITR (Income Tax Return). Reasons Could Be Any Less Knowledge of Income Tax Act 1961, its rules and procedures. Dependent on Cheap Income Tax Return Preparers, who file their Income Tax …

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Presumptive Tax Scheme for Professionals, mytaxdost

Income Tax

Presumptive Tax Scheme For – Doctors / Engineers Presumptive Tax Scheme for Professionals introduced under Section 44ADA from the FY 2019-20. This scheme provides a simple method of Taxation for small Professionals. The benefit of this section can be taken only by specified professionals whose annual gross receipts are under Rs 50lacs. Specified Professionals here means- …

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