Income Tax Articles

Section 44AB vs 44ADA

  Atul khurana    14 June 2019 at 11:29

As Section 44AD is applicable on business (click here to read in detail), Section 44ADA applies on professionals. It says that if an eligible assessee (professional) who declares 50% or more than that of his gross receipts as profit, then he is not required to get his accounts audited under the I..

Posted in Income Tax  23 comments |   4472 Views

.style1 { font-weight: bold; } .style3 { font-style: italic; font-weight: bold; } .style4 { font-weight: bold; text-decoration: none; } .style5 { text-decoration: none; } Before coming on the main article, let’s understand why there is a need of invoking such provisions o..

Posted in Income Tax  10 comments |   3778 Views

While presenting Budget 2019, the finance minister mentioned that people earning less than Rs 5 lakhs would have to pay no taxes as they would get tax rebate up to Rs 12,500. Many people thought since they have no taxes to pay hence they do not have to file their ITR.  There are two problems..

Posted in Income Tax  14 comments |   4529 Views

.style2 { font-weight: bold; } To promote new startup and make in India, government has taken several initiatives to give benefit to startup and attract fresh fund in startup business. Hereby, we are trying to consolidate all the provision that provide exemption to startups under sec..

Posted in Income Tax |   2338 Views

Before understanding the penalty provisions for failure to furnish the statement of Tax Deducted at Source or statement of Tax Collected as Source (i.e. commonly known as TDS/TCS return) we shall first have a look at the few basic duties of a person liable to deduct/collect tax at sou..

Posted in Income Tax  8 comments |   3871 Views

All about OIDAR

  CA Sandeep Bhatnagar    21 May 2019 at 13:32

In this hi-tech, age business has undergone major transformation and new methods of transactions have evolved which are fast paced and require little physical effort. Out of many one is the concept of OIDAR services which are provided through internet and received by the recipient online without phy..

Posted in Income Tax  4 comments |   2837 Views

As per provisions of Section 40A(3) Where the assessee incurs any expenditure in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, [or use of electronic clearing system through a ..

Posted in Income Tax  16 comments |   3087 Views

What is TDS? TDS stands for Tax Deduction At Source. It means that when an Individual/Organization/persons making the specified payment which are mentioned under Income Tax Act, 1961 to another person than that Person (who is making the payment) has to deduct the TDS when the amount of the paymen..

Posted in Income Tax  24 comments |   5980 Views

Nowadays people are discussing about a news that no income tax is required upto Rs. 5 lakh. Even some people think that they do not need to file income tax return if their Total Income is below 5 lakh. But the fact is this kind of statements are not really true. Most of the people think that tax fre..

Posted in Income Tax  17 comments |   5020 Views

.style2 { font-weight: bold; } In order to incentivize the equity markets Government has given various sops to this sector. Under Section 10(38) of Income Tax Act, exemption to long term capital gains arising from sale of equity shares in a company or unit of an equity oriented f..

Posted in Income Tax  4 comments |   3774 Views

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