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These instructions are guidelines for filling the particulars in Income-tax Return Form-5 for the Assessment Year 2022-23 relating to the Financial Year 2021-22.
If the turnover of the eligible assessee from eligible business is equal to or less than 2 crores ; then profit @ 8 % or more shall be deemed to be his profit if claimed to have been earned in the return.
Understand the implications of Income Tax Act Sections 142 and 142A, covering notices to submit returns, making inquiries, and providing opportunities to assesses. Learn about directions for audits and consequences of non-compliance. Stay informed to ensure tax compliance.
Explore the nuances of Income Tax Notices under Section 142(1) of the Income Tax Act, 1961. Learn when these notices are issued, how to deal with them, and the potential penalties for non-compliance. Stay informed about the procedures to follow and ensure greater tax compliance.
Generate a foolproof declaration under Section 13(1)(c) of the Income Tax Act, 1961 for your trust. Ensure compliance and transparency in handling trust income and property. Download the format now
The first Income-tax Act in India was introduced in 1860 on account of financial stress owing to the mutiny of 1857 and was to be in force for a period of 5 years. The concept of the aggregate income from all sources was not material except for determining the minimum taxable limit.
How to calculate turnover in case of Futures & Options? (With example), Taxation of Income Earned from Intra day Trading & Future & Options,
Understand the basics of direct and indirect taxes. Learn about the difference between these types of taxes and how they impact individuals and businesses.
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Advancement of any other object of general public utility would continue to be a charitable purpose, if the activity in the nature of trade, commerce, or business is undertaken in the course of actual carrying out of such advancement of any other object of general public utility and the aggregate receipts from any activity in the nature of trade, commerce or business, or any activity of rendering service in relation to any trade, commerce or business does not exceed 20% of the total receipts of the trust or institution undertaking such activities, for the previous year.