Budget 2024: Need to re-think the profit margin under presumptive tax scheme for professionals
Jul 12, 2024The presumptive tax scheme allows professionals with gross receipts of Rs. 50 lakh or less in a financial year to declare 50% of their gross receipts for Income-tax (I-T), reducing several compliance obligations such as maintaining books of accounts. If 95% of receipts are through recognized banking channels, this gross receipts limit increases to Rs. 75 lakh. Only those whose gross receipts from their profession are Rs. 50 lakh or less per financial year can opt for the provisions of section 44ADA.
Jul 12, 2024Canada to halt study permits if DLIs fail compliance. IRCC and DLIs enforce stricter monitoring. New permits needed for switching schools. Aim to prevent scams like Brijesh Mishra's. Housing, healthcare strain, and Indian student decline led to a two-year intake cap, limiting 2024 permits to 3.6 lakh. 10 lakh international students in 2023. Comments open until July 29.
Jul 11, 2024
US agencies defer roll out of H-1B modernization program which would redefine specialty occupation
Jul 10, 2024
Budget 2024: Is tax on long-term capital gains fair, even if individual is in nil bracket?
Jul 8, 2024Budget 2024 expectations: The long-term capital gains tax provisions are not fair to certain taxpayers, and this requires an amendment in the upcoming Budget 2024. Income-tax (I-T) is a progressive tax mechanism, the more you earn the more you pay.
Budget 2024: Need to amend advance tax provisions for individuals
Jul 8, 2024Budget 2024 expectations: The current advance tax system poses challenges for taxpayers, especially gig workers and freelancers. Experts suggest amendments to increase threshold limits, remove quarterly instalment requirements, and provide more flexibility in payment schedules.
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