In this article, we will discuss the provisions and important points of Section 44AE of the Income Tax Act, which deals with the Presumptive Taxation Scheme.
The assessee filing presumptive or higher income return will enjoy the relaxation of not getting its accounts audited u/s 44AB even if total sales/turnover/gross receipts exceed Rs. 1 Crore.
The Scheme of Presumptive Taxation for Professionals was introduced under Section 44ADA in the Finance Act 2016 and is applicable from Financial Year 2016-17 onwards.
The application of assets seized during the course of search and seizure action is governed by the provisions of Section 132B of the Income Tax Act'1961. Let us understand the application of the same.
Section 44AD of the Act has a superior position vis-à-vis the other provisions of the Income Tax Act because of a non-obstante clause. In this article, we have discussed, all the provisions of Section 44AD of the Income Tax Act.
As per the proviso to 44AD(1), income can be declared as 6% of the turnover if the payment is received digitally or through the banking channel before the due date of return filing u/s 139(1).
As start-ups turn out to be a major source of revenue and employment, governments from across the world have been going out of their way to facilitate the entrepreneurial dream of Startup Founders.
The new Form 26AS will have all the information on taxes paid by you, details of pending & completed income tax proceedings, status of income tax refund and demand along with details of specified financial transactions like purchase of shares or property.
An Income Tax Return is a prescribed form in which an assessee declares the income earned and tax paid on such income during a given financial year.
In this article, we discuss some of the key takeaways from the new FAQs issued by the Central Board of Direct Tax on 4th December 2020 on Vivad se Vishwas Scheme, 2020.
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