Articles by CA.R.S.KALRA

Presumptive Taxation Does Not Create a Privileged Class of Taxpayers

CA.R.S.KALRA 07 September 2021 at 09:29

It is the minimum rate u/s 44AD that has to be considered and higher income option is open for the taxpayers which has to be used if taxpayers have higher income.

Tax Audit in case of a Person Carrying on both Business and Profession

CA.R.S.KALRA 04 September 2021 at 12:41

A person who is a specified professional cannot opt for Section 44AD of the Income Tax Act, but there is no bar for such persons to opt for Section 44ADA on their professional income.

Interplay of Sec 44AA, 44AB and 44AD of the Income Tax Act, 1961

CA.R.S.KALRA 30 August 2021 at 17:21

There are various monetary limits u/s Sec 44AA, 44AB and Sec 44AD relating to maintenance of books of accounts and audit. These provisions have created ambiguity among taxpayers and professionals.

Section 194N: TDS on Cash Withdrawal from Banks/Post Offices (Updated for FY 2021-22)

CA.R.S.KALRA 15 August 2021 at 16:32

Section 194N is applicable in case of cash withdrawals of more than Rs 1 crore during the FY. This section will apply to all sums of money or an aggregate of sums withdrawn from a particular payer in the FY.

Section 194O: TDS on E-commerce Operator (including Practical Case Studies)

CA.R.S.KALRA 12 August 2021 at 09:47

Any person, being an e-commerce operator facilitating the sale of goods or services of an e-commerce participant through its digital or electronic facility or platform is responsible to deduct TDS u/s 194O.

Section 194J - TDS on Professional or Technical Fees [Updated for FY 2021-22]

CA.R.S.KALRA 05 August 2021 at 09:26

The tax has to be deducted in case the payment is greater than ₹ 30,000 during the year. Such ₹30,000 is the maximum limit that is applicable to each item or payment independently.

Section 194C - TDS on Payment to Contractor [Updated for FY 2021-22]

CA.R.S.KALRA 03 August 2021 at 18:27

Any specified person responsible for paying any sum to any resident-contractor for carrying out any work in pursuance of a contract is responsible to deduct TDS u/s 194C.

TCS Rate Chart for FY 2021-22

CA.R.S.KALRA 20 July 2021 at 16:21

Tax Collected at Source is the tax payable by a seller which he collects from the buyer at the time of sale. In this article, we will discuss the TCS Rates applicable for FY 2021-22.

TDS Rate Chart applicable for FY 2021-22

CA.R.S.KALRA 19 July 2021 at 14:09

Discussing the rate of TDS for FY 2021-22 and AY 2022-23. The TDS rate chart has been updated with all the latest amendments as per the Finance Act 2021.

Disallowance of Tax Deducted at Source

CA.R.S.KALRA 26 March 2021 at 09:53

The article throws light on Disallowance of Tax Deducted at Source, together with conditions that you must satisfy in order to be eligible for such disallowance.