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“Understanding Section 44ADA: Tax Relief for Professionals” A Complete

Introduction Section 44ADA of the Income Tax Act, 1961, provides a presumptive taxation scheme for professionals to simplify their tax filing process. This scheme reduces the compliance burden for eligible professionals by allowing them to declare a fixed percentage

“Simplified Tax Rules for Small Businesses Under Section 44AD”

Introduction Small businesses often face challenges in maintaining detailed records and complying with complex tax regulations. To simplify the taxation process, the Income Tax Act, 1961, introduced presumptive taxation under Section 44AD. This scheme allows small businesses to calculate

“How is Income from Sale of Converted Inventory Taxed?”

Introduction The taxation of income from the sale of converted inventory is governed by Section 45(2) of the Income Tax Act, 1961. When inventory is converted into a capital asset, the tax treatment involves two components: business income during

How is the Fair Market Value of Converted Inventory Determined?

Introduction When inventory is converted into a capital asset, determining its Fair Market Value (FMV) is crucial for accurate tax calculations. Under Section 45(2) of the Income Tax Act, 1961, FMV plays a pivotal role in calculating both business

Tax Calculate on Inventory to Capital Asset Conversion” Complete

"Tax Implications of Converting Inventory into a Capital Asset" Complete Guild" The conversion of inventory into a capital asset is a significant event in the realm of taxation. Under the Income Tax Act, 1961, this transaction has distinct tax

“Tax Filing and Compliance for Dormant Businesses: What You Need to Know”

Introduction A dormant business refers to a company or entity that is legally registered but is not actively engaged in any business activity, such as generating income, trading, or offering services. Despite its inactivity, a dormant business is still

“How is Commercial Property Leasing Income Taxed? Full Guide”

Introduction Leasing commercial assets, such as machinery, office buildings, or retail spaces, is a common practice for businesses looking to generate income. The Income Tax Act, 1961, provides specific tax treatment for income earned from leasing commercial assets, but

“Understanding Tax on Rental Income from House Properties” A Complete Guidance

Introduction Rental income is a common source of income for many property owners. However, it is essential to understand the tax treatment of rental income under the Income Tax Act, 1961. While most rental income is taxed under the

Tax on Rental Income from Commercial Properties: Complete Guide”

Introduction Income earned from letting out commercial properties, such as office spaces, retail shops, or warehouses, is a common source of revenue. However, the taxation of this income depends on various factors, such as the nature of the property

What is the Treatment of Speculative Business Transactions? Complete Guidance

Introduction Speculative business transactions, often linked to financial markets and commodities trading, involve significant risk and uncertainty. These transactions are defined and treated uniquely under the Income Tax Act, 1961, which provides specific rules for their taxation under the

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