"I, Madhu Teja, an aspiring "chartered accountant," completed my degree from Krishna University and am currently pursuing my CA practical training at Suresh and Babu & co. I am a finance enthusiast with experience filing hundreds of returns and helping people with their financial problems like taxation and GST returns. I am also a social activist and good public speaker who is always passionate about taking seminars on taxation issues. Finally, I am in love with Tax."
The income tax department developed the idea of capital gain exemptions to address this problem. If we receive money from the sale of capital assets, we have the choice to deposit it in our CGAS account before filing our income tax return or before the return’s due date, which is typically July 31st.
Capital gain plays a key role in income tax because, where slab rates are not applied, a fixed rate is applicable on the entire gain from capital assets. Capital gain generally comes from either the sale of land and buildings or the sale of shares or mutual funds. In the case of capital gains, the tax rates vary based on the nature of the asset.
Dive into the concept of presumptive taxation in India and explore its benefits for small businesses. Learn about the provisions of Section 44AD, 44ADA, and 44AE, and their applicability. Understand the advantages of opting for presumptive taxation and its impact on tax audits and bookkeeping requirements.
