Income Tax Articles
Computation of Income under Section 44AD - Part IV
Section 44AD provides that if a taxpayer is engaged in an eligible business and having a turnover of Rs. 2 crores or less, its profits are deemed to be 8% of the total turnover or gross receipts.
Whether Upfront Payment of Interest on Debentures Allowed as Deduction in the Year of Payment
Recurring subscriptions paid periodically by shareholders, or subscribers in Mutual Benefit Societies which fulfil such conditions as may be prescribed shall be deemed to be capital borrowed.
Tax implication on self generated goodwill when conversion of proprietor into partnership
Where proprietor business is converted into a partnership, the exclusive interest of the proprietor is reduced and the business assets become sets of the firm in which he becomes a partner.
Deemed Incomes Under The Income Tax Act
Discussing tax treatment of cash credit, unexplained investments, unexplained money, amount of investments not fully disclosed in books of accounts, unexplained expenditure and amount borrowed on hundi in cash.
Can assessee opt for Sec 44AD and Sec 44AE together? - Part III
In Section 44AD, the assessee has to declare a minimum of 8% of the Gross Turnover or Gross Receipts as their deemed income. However, Section 44AD(1) gives an option to claim more than 8%.
Presumptive Taxation Scheme Section 44AD - Part I
Presumptive taxation for businesses is covered under section 44AD of the income tax act. Any business which has a turnover of less than Rs 2 crore can opt to be taxed presumptively.
Key changes in ITR Forms for AY 2021-22 - Part 1: ITR 1 Sahaj and ITR 2
The allowable difference between the full value of consideration u/s. 50C and value of property as per stamp authority has been increased from 1.05 times to 1.10 times.
Why it is important to check Form 26AS before filing Income Tax Return
Form 26AS is the most important statement while filing an ITR. One should always match the details with it for avoiding any notices and intimations from the department.
Key changes in ITR Forms for AY 2021-22 - Part 2: ITR 3
Section 115BBDA is removed from AY 2021‐22 onwards, hence corresponding dropdowns are removed from sl. No. 2c, 2d and 2e of schedule OS and respective changes are done in sl.no.10(i).
Interplay of Section 43CA vs. Section 44AD - Part II
Section 44AD and 43CA of the Act are deeming sections. A legal fiction is created only for a definite purpose and is limited to that purpose and should not be extended beyond it.
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