Income Tax Articles

Presumptive Taxation Scheme under Section 44AE

CA.R.S.KALRA 12 December 2020 at 10:06

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.

Applicability of provisions of Sections 44AA, 44AB and 44AD when turnover is up to Rs. 1 crore

CA.R.S.KALRA 11 December 2020 at 09:55

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.

Presumptive Taxation Scheme under Section 44ADA

CA.R.S.KALRA 10 December 2020 at 11:17

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.

Application of seized assets during the course of an Income Tax search towards the self assessment tax liability of an assessee - Whether permissible

CA.Mohit Gupta 10 December 2020 at 11:16

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.

Provisions of Section 44AD - Part 2

CA.R.S.KALRA 09 December 2020 at 14:28

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.

Provisions of Section 44AD - Part 1

CA.R.S.KALRA 08 December 2020 at 17:55

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).

Startups and Angel Tax in India

MEHUL SHAH 08 December 2020 at 09:53

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.

GST returns will reflect in your Income Tax Passbook (Form 26AS)

Ishita Ramani 08 December 2020 at 09:51

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.

What happens after you have filed an ITR?

Shweta 07 December 2020 at 16:04

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.

Key Takeaways from New FAQs issued by CBDT on Vivad se Vishwas Scheme, 2020

Mayank Mohanka 07 December 2020 at 09:58

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.