What Is a Tax Audit? Tax Audit Due Date, Limits, Section 44AB Eligibility
Section 44AB of the Income Tax Act, 1961 governs audit of income tax for businesses and professionals whose turnover or gross receipts cross a prescribed threshold. If your turnover is large enough, the law requires a Chartered Accountant to examine your books before you file your ITR.
New Tax Regime vs Old Tax Regime — Which Is Better for You?
A tax regime is basically the set of rules the government gives you to calculate how much income tax you have to pay. The government introduced the new regime in Budget 2020 and made it the default regime from FY 2023–24. So if you don't actively choose, you're already on the new regime.
Understanding Income Tax Business Code in ITR Forms: Correct Selection Matters
When it comes to filing your income tax return in India, every detail matters – especially when you're reporting income from business or profession.