2024 - My Tax Support

“How to Document Business Expenses for Maximum Tax Savings”

Introduction As a business owner, claiming deductions for business expenses is a crucial way to reduce taxable income and optimize your tax liability. However, to successfully claim these deductions under the Income Tax Act, 1961, you must maintain proper

“Maximizing Tax Benefits Under Section 44AD and Section 44AE” Complete

Introduction For small traders and businesses, complying with tax regulations can be overwhelming. To simplify compliance, the Income Tax Act, 1961, provides presumptive taxation schemes under Section 44AD and Section 44AE. These schemes allow small traders to calculate and

A Complete Discontinued Business Income: Tax Treatment and Compliance”

Introduction Employee welfare is an essential aspect of running a business, and some companies extend this welfare to include family planning expenses for employees. While promoting family planning initiatives is commendable, business owners often wonder whether such expenses are

A Complete Tax Benefits for Employee Family Planning Initiatives”

“Freelancer Tax Guide: How to Compute Your Income”

Introduction With the rise of the gig economy, freelancing has become a popular career choice. Freelancers, like professionals, are required to report their income and file taxes under the Income Tax Act, 1961. Computing income and managing tax compliance

A Complete “Understanding Tax Rules for Rural Development Grants”

Introduction Grants received for rural development play a significant role in funding projects aimed at improving infrastructure, education, healthcare, and livelihoods in rural areas. These grants can be received by individuals, companies, or non-profit organizations from government bodies, international

“Are Unclaimed Lottery Prizes for Agents Taxable?” A Complete

Introduction In the lottery business, agents play a key role in selling tickets and distributing prizes. Sometimes, prizes remain unclaimed by winners, and the amounts may revert to the agents. This raises questions about the taxation of such unclaimed

“Is Insurance Compensation for Stock-in-Trade Loss Taxable?” A Complete

Introduction Insurance compensation received for the loss or damage of stock-in-trade is a significant aspect of business taxation. Stock-in-trade refers to the inventory held by a business for sale. When such stock is lost or damaged, businesses often receive

How to Treat Pre-Incorporation Profits for Tax Purposes”

Introduction When starting a company, certain profits or gains may be earned during the pre-incorporation period—before the company is formally registered or incorporated. These pre-incorporation profits need to be treated carefully under accounting and taxation laws to ensure compliance.

“How Are Gains from Commodity Trading Taxed?” A Complete

Introduction Commodity trading involves buying and selling goods such as gold, silver, crude oil, agricultural products, and other resources through commodity exchanges. A common question arises: Are the gains or losses from commodity trading classified as speculative income under

Year: 2024