Section-1:-  Businesses

1. Selection of legal entities

when you start your business is which legal entity it should be installed as. Depending on the nature and size of the company, some legal options are available:

• Ownership
• Corporation
• Private Companies
• Public Companies
• Joint Venture

As such, there is no legal rule that “business” must be formed to start a business. Importing a business has its own pros and cons. Generate a business enhances consistent work. If your business is growing rapidly and becomes unmanageable, it helps to understand it in special legal entities who will own their own PAN and want to submit a special tax return. Otherwise, you can choose to continue to trade as sole owner.

2. Maintenance of accounting accounts

If a company meets any of the following criteria, it is necessary to keep the books under the income tax line:

• Revenues are more Rs. 1,20,000
• Total sales, sales or gross receipts are more than Rs. 10,00.000

one of three previous years. This situation has also been relaxed for individuals and HUF as they will be bound by the commission to maintain accounting only if:

• Revenues are more than Rs 2.5 lakhs
• Total sales, sales or gross receipts are greater than 25 sheets in each of the three previous years.

3. Tax investigations

For companies with gross receipts of more than 1crore during the financial year, they are responsible for tax audits. The due date of the application for an audit report pursuant to Art. September 30th of the assessment year. The report will be submitted electronically using Form 3CD. For taxpayers subject to tax assessment, the due date for application for income is also 30 September of the assessment year.

4. Due date

• The due date for application for tax assessment report – September 30 during the assessment year
• The payment date for filing of an application (if tax assessment is in effect) – September 30 in the year of assessment
• Maturity for filing an application (if a tax review is not applicable) – July 31 during the assessment year

5. Presumptive taxation

Presumptive taxation for companies is covered by section 44AD of the Income Tax Act. Any company that has a turnover of less than Rs 2 crore may choose to tax with advance notice. They must declare a profit of 8% for an unprecedented digital business or 6% for digital business, either. The following companies are excluded from existing taxes:

•  Life insurance companies
• Commission of any kind
• Running the business of asking, hire or rent a carriage of goods

B. Benefits of Presumptive taxation

• National Fund set up by the government
• Prime Minister’s Archives
• In prepayment under Section 44AD, your net income is considered to be 8% of your turnover and you pay taxes on that income
• If your receipts are in digital form (not cash) then only 6% of your income is net income and you pay tax on that income
• You do not need to maintain accounting records
• You do not need to get the accounting records revised
• You must pay an advance tax – but instead of estimating revenue and paying taxes every quarter, you can pay all your pre-tax before March 31st. A contribution tax, where taxpayers have chosen the contingency plan, will pay before March 15 the relevant financial year if you expect your income tax liability to be higher than Rs.10,000 in

Section II: Professionals

1. Professions for the purpose of Indian tax laws

• Engineering
• Legal
• Architectural profession
• Accountant
• Medical
• Technical consultant
• Interior decoration

2. Calculation of taxable income

A professional could easily find taxable “income under Profit and Profit from Business  income taxes or Occupation” by reducing all occupational expenses from this gross income from the profession. Expenditure related to industries could be a salary (if you hire someone), rent the premises where you have your profession, internet charges, mobile phone expenses, public travel, lunch (officially), etc.

Here is how we determine her taxable income from business :