Deduction Under Section 80TTA
Reading Time: 2 minutesDeduction under section 80TTA provides relief to middle-class individuals. Therefore, it helps them to reduce the tax liability. However, check out the type of interest incomes allowed for the deduction before claiming 80TTA.
44ADA Presumptive Taxation For Professionals
Reading Time: 3 minutes44ADA section is a life saver for professionals like doctors, advocates, management consultants etc, however if some of these provisions are not taken care of then it can call for a income tax notice.
Partnership vs LLP
Reading Time: 3 minutesOne of the major advantages of choosing a limited liability partnership is its partner’s limited liability. Starting an LLP over the partnership firm gives protection to the partners from being personally held liable. On the other hand, in partnership, any liability can be paid off through the business and personal assets.
The What & Why Of Advance Tax
Reading Time: 3 minutesIf you don’t pay advance tax or miss any of the installments, then you shall be liable for the payment of interest under sections 234B and 234C. In this article we understand advance tax and its technicalities.
194J – TDS Section Which You Should Be Aware Of
Reading Time: 3 minutes194J is a crucial tax deduction section which is applicable to all professionals like doctors, experts etc. If deduction under section 194j is not done then the tax deductor has to disallow 30% of the expense from their PGBP income which can lead to increase in profits and higher tax liability.
