NEW TAX RATES FOR CERTAIN DOMESTIC COMPANIES
*Under Section 115BAA, a domestic company can opt for a lower rate of 22% from A.Y. 2020-21. However, such option is subject to fulfilment of conditions that no benefits, additional depreciation and tax holidays can be claimed by the company...
I have seen many young entrepreneurs with dreams in their eyes start their enterprise with great enthusiasm, ideas and passion. But they stumble mid-way. Instead of rising with renewed vigour and strategies, they just crumble and disintegrate with permanent scar of failure with heavy debts.
A taxpayer involved in business or profession has to compulsorily maintain books of accounts for his business such as cash book, ledgers, stock registers, etc. on a regular basis and which needs to be supported with documentary evidence. Further he has to get them audited by a Chartered Accountant. For this, substantial expenditure is required to be incurred for maintaining books of accounts and for audit fees.