Tax Audit for Services Under Information Technology : What Comes Within This ?

Tax Audit for  Services Under Information Technology : What Comes Within This ?
Tax audit law is contained u/s 44AB of the Income Tax Act. There is clear distinction between profession and business as far as threshold amount for getting accounts audited is concerned. While for businesses, it is 10 million or 1 Crore of turnover, for profession it is 25 lakhs ( 2.5 million) . Thus , a premium subscriber has asked about his clients who are in different types of jobs related to information technology ,whether their job comes within

Alternate Minimum Tax :Quick Answers to 7 FAQs !

Alternate Minimum Tax :Quick Answers to 7 FAQs !
Alternate minimum tax or AMT  is similar to minimum alternate tax which is applicable to companies. As per section 115JC of the Income Tax Act , every person , filling certain condition , except companies will have to pay minimum 18.5 % of tax on the Adjusted Total Income  whether or not any tax is payable on total income computed normally under Income Tax Act. So, this post is going to explain in easy and simple answers seven frequently asked