Income Tax Articles

Section 44ADA- Presumptive taxation scheme for assessees engaged in eligible profession

CA Santhosh Gupta Kethepalli 03 August 2020 at 10:47

Scheme for presumptive taxation was introduced under section 44ADA from the F.Y.2016-17. Section 44ADA provides a simple method of taxation for Specified Small professionals. Earlier, the presumptive scheme of tax was applicable only for small business.

How to save Income tax on sale of residential property?

CA Rahul Mittal 03 August 2020 at 10:47

Many taxpayers are not aware the provision of the income tax act on how to save the tax on the sale of residential property. They earn profits on the sale of residential property and pay the taxes. They can save the tax.

Section 35D of Income Tax Act - Few technical aspects

CA Mehul Thakker 01 August 2020 at 11:00

The term "Capital Employed" means the aggregate of the issued share capital, debentures and long-term borrowings, as on the last day of the previous year in which the business of the company commences.

Income Tax deadlines that end on 31st July 2020

CA Rahul Mittal 30 July 2020 at 10:14

Due to the coronavirus pandemic, the government had extended the various due dates for giving relaxations to the taxpayers.

Consequences of filing ITR(Income Tax Return) after the Due Date

CA Shubhi Khandelwal 29 July 2020 at 10:10

Non-Filing of the Income Tax Return may result in Penalty under Section 271F of Income Tax Act, 1961, Interest under Section 234A of Income Tax Act, 1961, Non-Carry Forward of Losses, Best judgment assessment, Claim of Refund of Taxes, Prosecution for Failure to Furnish Return of Income etc.

New Pension Scheme(NPS)

Anirban Sinha 28 July 2020 at 17:43

To relieve the retired person, as well as reduce the cost to the government, NPS or the New Pension Scheme was introduced in the year 2004

ITR-4: Who Can File ITR 4

Hardik Lashkari 28 July 2020 at 09:37

Presumptive income scheme simplifies tax calculation for small businesses with gross receipts or turnover less than Rs 2 crore.

Section 44AD: Provisions for computing profits and gains of business on presumptive basis

CA Santhosh Gupta Kethepalli 27 July 2020 at 11:34

Section 44AD covers provisions to reduce tax burden and to provide relief from tedious work to small tax assesses, the government of India has incorporated a scheme of presumptive taxation.