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.
CBDT has issued certain notifications to provide for the transfer of capital assets from Air India Limited to Air India Assets Holding Limited and to clarify certain things under the Income Tax Act, 1961.
While computing income under the head income from capital gains, the most important thing to understand is the definition of a capital asset. However, let us discuss certain assets which are not considered capital assets.
Now the subscribers of NPS can remain in this investment medium after the age of 60 years or after their superannuation. Also, people above the age of 65 who want to open a new account in NPS can also do so.
A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from the tedious job of maintenance of books of accounts and also from getting the accounts audited.
Tax is to be deducted by the Trustee of EPF Scheme,1952 or any other person authorized to make payment of the accumulated sum to the employees.
Advance Tax is applicable to every taxpayer except to a senior citizen who is of more than 60 years of age, an individual resident of India, and who does not hold any income under the head Business or Profession.
An individual or HUF paying commission, brokerage, contractual fees or professional fees is required to deduct tax at source from the amount paid or to be paid.
CBDT has considered representation w.r.t. difficulties reported by the taxpayers and other stakeholders in the filing of ITR and various reports of audit for the AY 2021-22 under the Income-tax Act, 1961.
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.
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