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Maintaining proper books of accounts is essential for businesses and professionals to ensure compliance with income tax laws in India. Section 44AA of the Income Tax Act, 1961, lays down the requirements for maintaining books of accounts by certain individuals and entities engaged in business or profession. This blog explains the provisions of Section 44AA, […]

ITR-6 is a specialized income tax return form designed for companies, except those claiming exemption under Section 11 (charitable or religious trusts), to report their income and fulfill their tax obligations. Eligible entities include private limited companies, public limited companies while companies exempt under Section 11 or claiming exemptions for charitable activities cannot file ITR-6.

The Income Tax Return Form 5 (ITR-5) is specifically designed for entities like firms, Limited Liability Partnerships (LLPs), Associations of Persons (AOPs), Bodies of Individuals (BOIs), estates of deceased individuals, business trusts, and investment funds. Eligible entities must use this form to report their income, deductions, and tax liabilities for a financial year. However, it

The ITR-4 Form, also known as Sugam, is specifically designed for individuals, Hindu Undivided Families (HUFs), and firms (other than LLPs) who have opted for the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE of the Income Tax Act. It is ideal for small businesses and professionals with turnover or income within prescribed limits.

ITR-3 is an income tax return form designed for individuals and Hindu Undivided Families (HUFs) earning income from business or profession, along with salary, house property, capital gains, or other sources. Eligible filers include self-employed professionals, business owners, or partners in firms. However, salaried individuals with no business or professional income must file ITR-1 or

ITR-2 is one of the income tax return forms in India designed for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. It is ideal for those earning from salary, pension, multiple house properties, capital gains, or foreign income. However, individuals with income from business or profession are not

ITR-1, commonly known as SAHAJ, is a simplified Income Tax Return form designed for individuals earning income up to ₹50 lakh from sources such as salary, one house property, and other sources (excluding lottery winnings and income from horse races). This form is tailored for salaried taxpayers and pensioners, making tax filing a breeze. However,

Section 44AD of the Income Tax Act offers a simplified presumptive taxation scheme designed to ease tax compliance for small businesses. This scheme allows eligible taxpayers—primarily individuals, Hindu Undivided Families (HUFs), and partnerships (excluding LLPs)—to declare income at a prescribed rate of 6% or 8% of their gross turnover or receipts, eliminating the need for

Section 44ADA of the Income Tax Act introduces a simplified presumptive taxation scheme for professionals, aimed at reducing the compliance burden and encouraging voluntary tax compliance. Under presumptive taxation, eligible taxpayers can declare income as a fixed percentage of their gross receipts without maintaining detailed books of accounts or undergoing audits, provided specific conditions are

Income tax in India is classified into five distinct heads of income to streamline the assessment of income and ensure proper taxation: Income from Salary, Income from House Property, Profits and Gains from Business or Profession, Income from Capital Gains and Income from Other Sources. These heads of income encompass a variety of sources, each with