Affluence Advisory

𝐂𝐨𝐦𝐦𝐨𝐧 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐄𝐫𝐫𝐨𝐫𝐬 𝐈𝐧 𝐅𝐥𝐚𝐢𝐫 𝐏𝐨𝐫𝐭𝐚𝐥 𝐅𝐢𝐥𝐢𝐧𝐠
Accurate FLAIR Portal filing is essential to avoid delays, unnecessary queries, and regulatory compliance issues.
In this carousel, we've highlighted some of the most common reporting errors businesses make while filing FLAIR returns—along with practical tips to help you file accurately and confidently.

𝐈𝐧𝐜𝐨𝐦𝐞-𝐓𝐚𝐱 𝐑𝐮𝐥𝐞 46(8)
Stay compliant with Income Tax Rule 46(8) by ensuring daily digital backups, secure data storage, and accessibility of electronic books within India. Non-compliance may lead to audit issues, penalties, and assessment challenges. A key update for businesses and professionals maintaining electronic books of accounts.

𝐒𝐄𝐂𝐓𝐈𝐎𝐍 44𝐀𝐃𝐀 – 𝐏𝐫𝐞𝐬𝐮𝐦𝐩𝐭𝐢𝐯𝐞 𝐓𝐚𝐱𝐚𝐭𝐢𝐨𝐧 𝐒𝐜𝐡𝐞𝐦𝐞 𝐟𝐨𝐫 𝐩𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥
allowing eligible taxpayers to declare 50% of gross receipts as income without maintaining detailed books of accounts. It reduces compliance burden, simplifies ITR filing, and generally avoids tax audits, subject to prescribed conditions and turnover limits.

𝐒𝐞𝐜𝐭𝐢𝐨𝐧 44𝐀𝐃 – 𝐏𝐫𝐞𝐬𝐮𝐦𝐩𝐭𝐢𝐯𝐞 𝐓𝐚𝐱𝐚𝐭𝐢𝐨𝐧 𝐒𝐜𝐡𝐞𝐦𝐞
Section 44AD of the Income Tax Act offers a simplified presumptive taxation scheme for small businesses, reducing compliance burden and eliminating the need for tax audits in most cases. Eligible taxpayers can declare profits at 6% or 8% of turnover, making tax filing easier and more efficient for FY 2025–26.