Articles by CA.R.S.KALRA

Section 44AD (4): Consequences of Opting Out of Section 44AD(1) - Part V

CA.R.S.KALRA 21 October 2021 at 09:44

If a person has opted for a presumptive scheme of taxation u/s 44AD in any one year then they have to remain in the umbrella of section 44AD for the next 5 years.

Comparative study of Section 44AD, ADA and 44AE

CA.R.S.KALRA 20 October 2021 at 09:55

Section 44AD is applicable to any business except those eligible for Section 44AE. Section 44ADA is applicable to all professions referred in Section 44AA. Section 44AE is applicable to businesses engaged in plying, hiring or leasing goods carriages.

Computation of Income under Section 44AD - Part IV

CA.R.S.KALRA 15 October 2021 at 23:07

Section 44AD provides that if a taxpayer is engaged in an eligible business and having a turnover of Rs. 2 crores or less, its profits are deemed to be 8% of the total turnover or gross receipts.

Can assessee opt for Sec 44AD and Sec 44AE together? - Part III

CA.R.S.KALRA 12 October 2021 at 09:24

In Section 44AD, the assessee has to declare a minimum of 8% of the Gross Turnover or Gross Receipts as their deemed income. However, Section 44AD(1) gives an option to claim more than 8%.

Interplay of Section 43CA vs. Section 44AD - Part II

CA.R.S.KALRA 09 October 2021 at 09:46

Section 44AD and 43CA of the Act are deeming sections. A legal fiction is created only for a definite purpose and is limited to that purpose and should not be extended beyond it.

Presumptive Taxation Scheme Section 44AD - Part I

CA.R.S.KALRA 07 October 2021 at 15:14

Presumptive taxation for businesses is covered under section 44AD of the income tax act. Any business which has a turnover of less than Rs 2 crore can opt to be taxed presumptively.

Audit under Section 44AB of the Act

CA.R.S.KALRA 17 September 2021 at 10:09

Provisions of Section 44AB has been explained in this article.

Concept & Meaning of Turnover in Tax Audit

CA.R.S.KALRA 15 September 2021 at 17:35

'Turnover', 'Gross Receipts' and 'Sales' are the buzzwords during this Tax Audit season. Incidentally, they are the very starting point of a Tax Audit. They form the qualifying criteria, determine whether a taxpayer is liable to tax audit during a given year.

Invocation of Section 69C If Assessee Is Opting For Presumptive Taxation

CA.R.S.KALRA 11 September 2021 at 22:59

Provisions of section 69C are very clear that wherever the assessee fails to explain the source of certain expenditure incurred during the year, the same may be deemed to be the income of the assessee.

Invocation of Section 68 if Assessee Is Opting For Presumptive Taxation

CA.R.S.KALRA 09 September 2021 at 14:36

Since section 44AD does not obligate the assessee to maintain books, provisions of section 68 cannot be invoked where the assessee has filed an ITR under section 44AD without maintaining books of accounts.