Income Tax Articles

Combined Study of Section 44AB with Section 44AD

Posted by CA.R.S.KALRA 15 December 2020 9215 Views

Currently, businesses having turnover of more than one crore rupees are required to get their books of accounts audited by an accountant. In order to reduce the...

Should the Government Consider Extending the due date for filing Tax Audit, Transfer Pricing Audit and Income Tax Returns?

Posted by Aishna Kukreja 14 December 2020 20396 Views

Keeping in view the effect of COVID-19, the FM had extended the due date for filing the Tax Audit, Transfer Pricing Audit and Income Tax Returns. However, is there a need to extend these due dates further?

Why Your In-Hand Salary May Reduce from 2021

Posted by Shweta 14 December 2020 12513 Views

The GoI has recently notified the draft rules under The Code on Wages 2019. The new rules which are expected to enter into force in April 2021, will potentially have consequences on your take-home salary and retirement corpus.

How to use the Java based software utility available for download in the Income Tax Portal where the taxpayer does not have MS Excel versions 2010 or later

Posted by Aishna Kukreja 12 December 2020 11985 Views

How to use the Java based software utility available for download in the Income Tax Portal where the taxpayer does not have MS Excel versions 2010 or later

Presumptive Taxation Scheme under Section 44AE

Posted by CA.R.S.KALRA 12 December 2020 7025 Views

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

Posted by CA.R.S.KALRA 11 December 2020 19344 Views

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

Posted by CA.R.S.KALRA 10 December 2020 7764 Views

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

Posted by CA.Mohit Gupta 10 December 2020 3092 Views

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

Posted by CA.R.S.KALRA 09 December 2020 3781 Views

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

Posted by CA.R.S.KALRA 08 December 2020 13215 Views

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).