[ad_1] If a person’s business receipts exceed Rs. 50 lakh – profit of Presumptive tax under section 44ADA cannot be taken. In such a case, the individual would be required to prepare a Profit and Loss Account and Balance Sheet as well as get himself audited by a Chartered Accountant. Compliance to be made in case business income exceeds Rs. 50 lakhs If business receipts exceed Rs. 50 lakhs, the following compliances need to be taken care of:- Preparation of books of accounts with balance sheet and profit and loss…
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Economy booming: GST collection in May also exceeds Rs 1.4 lakh crore
[ad_1] Goods and Services Tax (GST) collections crossed the 1.4-trillion mark for the third consecutive month in May 2022 and fell to the fourth highest level since the launch of the comprehensive consumption tax nearly five years ago. The steady jump in GST receipts over the past few months indicates that the economic momentum has not been severely affected by external constraints. Expansion of tax base, less evasion and higher price levels in commodities, raw materials and finished goods are also increasing tax collection. According to official data released on…
Tax revenue in 2021-22 exceeds Union Budget Estimates by ₹5 lakh crore
[ad_1] Tax revenue in the Union Budget for 2021-22 was projected to grow by 17% to Rs 22.17 lakh crore as against the revised estimate of Rs 19 lakh crore. Union Budget was presented on 1scheduled tribe February, 2021 when 1scheduled tribe The COVID wave in India had subsided but the world was facing continuous waves. As against the Union Budget Estimate of Rs 22.17 lakh crore, the revenue collection as per pre-actual figures is Rupee.27.07 lakh crore, approx. Rupee.5 lakh crore more than the budget estimate. This is an…
Tax revenue in 2021-22 exceeds Union Budget Estimates by ₹5 lakh crore
[ad_1] Tax revenue in the Union Budget for 2021-22 was projected to grow by 17% to Rs 22.17 lakh crore as against the revised estimate of Rs 19 lakh crore. Union Budget was presented on 1scheduled tribe February, 2021 when 1scheduled tribe The COVID wave in India had subsided but the world was facing continuous waves. As against the Union Budget Estimate of Rs 22.17 lakh crore, the revenue collection as per pre-actual figures is Rupee.27.07 lakh crore, approx. Rupee.5 lakh crore more than the budget estimate. This is an…