by jcfintax | Aug 22, 2023 | Uncategorized
Deductions under Chapter VI A of the Income Tax Act Chapter VI A of the Income Tax Act, 1961 (ITA) provides for a number of deductions that can be claimed against taxable income. These deductions are designed to encourage taxpayers to save and invest, as well as to...
by jcfintax | Aug 22, 2023 | Uncategorized
The Income Tax Act, 1961 (ITA) divides income into five heads for taxation purposes: Income from salary This includes income earned by an individual in the form of salary, wages, commissions, bonuses, and any other remuneration received from an employer. Income...
by jcfintax | Aug 22, 2023 | Uncategorized
Here are the steps on how to incorporate a private limited company in India: Choose a name for your company. The name of your company must be unique and must not be already registered with the Ministry of Corporate Affairs (MCA). You can check the availability of a...
by jcfintax | Aug 22, 2023 | Uncategorized
Maintaining Books of Accounts for Small and Medium Businesses in India Books of accounts are a record of all financial transactions of a business. They are essential for tracking income and expenses, calculating taxes, and making business decisions. For small...
by jcfintax | Aug 22, 2023 | Uncategorized
Registration under Section 12A of the Income Tax Act Section 12A of the Income Tax Act, 1961 (the Act) provides for the registration of certain trusts and institutions that are engaged in charitable or religious activities. Registration under Section 12A is a...
by jcfintax | Aug 22, 2023 | Uncategorized
Tax Audit Under Income Tax Act Tax audit is a mandatory requirement for taxpayers who fall under certain categories as specified by the Income Tax Act, of 1961. The purpose of a tax audit is to ensure that taxpayers have correctly computed their income and have paid...
