Rohit Pithisaria, Author at TaxAdda

Remuneration & Interest to Partners (2025-26) Section 40b

Section 40b determines the maximum amount of remuneration and interest on capital payable to a partner under Income Tax Act. The amount over the specified limit is not allowed as a deduction to a partnership firm. Remuneration to Partners Section 40b Remuneration includes salary, bonus, commission .Remuneration in partnership firm is allowed as a deduction […]

Section 44AD – Presumptive taxation Scheme for Businesses

Section 44AD This section is for presumptive taxation for eligible small businesses to declare a fixed percentage of their turnover as taxable income, eliminating the need for detailed books or audits. This Scheme gives you an option to compute your income on a presumptive basis (deemed profit), which is as follows: The purpose of this […]

Section 44ADA – Presumptive Taxation Scheme for Professionals & Freelancers

Section 44ADA Section 44ADA was introduced for presumptive income for Freelancers & professionals. This section is similar to section 44AD for traders. Under this section Freelancers or professionals such as legal, medical, engineering, architect, accountancy, technical consultancy, interior decoration or any of the profession as given in section 44AA are allowed to presume 50% of the […]

GST for Freelancers (2025): Registration, GST Rates, Rules & Exemption

A complete comprehensive article regarding GST applicability on Indian freelancers providing services in India/outside India.

TDS on Purchase of Property from Non-Resident

Applicability When any person purchases an immovable property (like land, building, flat etc) from an NRI (Non-Resident), TDS is required to be deducted on the amount of the capital gain, arising to such non-resident as per Section 195 of the Income Tax Act. Note: – TDS is required to be deducted on the whole sales […]

Important Changes in GST w.e.f. 01 April 2025 & 01 June 2025

GST Changes Applicable from 01 Apr and 01 June 25

Changes effective from 01 April 2025 (A.) 30 days limit for E-Invoice generation now applicable on turnover Rs.10 Crore or more : From 1 April 2025 Taxpayers having Annual Average turnover of Rs.10 Crore or more must generate E-invoice on the Invoice Registration Portal (IRP) within 30 days of issuance of Invoice. Earlier this 30 […]

Residential Status for Seafarers (Merchant Navy)

TaxAdda Seafarer Flowchart Final For FY 24-25 and FY 25-26

Proposed changes for Seafarers in Budget,2025 Net Income Range FY 2025-26 (AY 2026-27) Upto Rs. 4,00,000 NIL From Rs. 4,00,001 to Rs. 8,00,000 5% From Rs. 8,00,001 to Rs.12,00,000 10% From Rs. 12,00,001 to Rs. 16,00,000 15% From Rs. 16,00,001 to Rs. 20,00,000 20% From Rs. 20,00,001 to Rs. 24,00,000 25% Above Rs. 24,00,000 30% […]

Late Fees For Various GST Returns

Understand GST late fees for all types of GST returns like GSTR-1, GSTR-3B, GSTR-9 etc along with relevant GST notification/circulars.

TDS on Rent by Individual/HUF – Section 194IB & Form 26QC

Provisions of this section is applicable from 1st June 2017 A new section 194IB has been introduced from 01st June 2017. This section requires certain individuals or HUF to deduct TDS on rent paid for the use of any land or building or both. Persons required to deduct TDS under Section 194IB Individual and HUF […]

Type of Bank Accounts for Seafarers