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Enjoy Freedom from Accounting, Audit, Scrutiny & Advance Tax by declaring 8% or higher profits

              If you asked your neighbourhood grocer or panwala whether they were filing their tax returns, they would have immediately quipped, “Saab, hum ye sab accounts or scrutiny ke chakkar mein kyun pade?” The fear of maintaining accounts and being required to face tax scrutiny have been the biggest dampeners for small business entities who earn taxable incomes, but feel shy to come forward and get on the roll of India’s taxpayers, which currently is a meager 4% of the country’s total population

              Fortunately, the ‘Presumptive Income Scheme’ in force from Financial Year 2010-11, requiring the filing of the new tax return ‘Sugam’ from the current Assessment Year 2011-12 should happily resolve these concerns. (more…)

Prepare for the TDS Nightmare!

No Respite From The TDS Bite Even For Non-Taxpayers!

TDS Blows That Will Hit You Hard!

  • No provision for furnishing any declaration (as in current Form 15G/15H) for non deduction of TDS from interest in cases of non-taxable income will hit hard senior citizens, widows, agriculturists and several other small interest earners.
  • No provision for obtaining any certificate for TDS at a lower rate will create hardships for the business community.
  • Harsh and bizarre consequences to arise on account of the new provision prescribing 10% TDS in respect of payments of ‘any other income’.
  • Even personal and commercial transactions, such as receipt of any consideration for sale of goods or services or transfer of any movable or immovable property, to attract TDS, which in several cases could work out much higher than the actual profit earned from the transaction. (more…)
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