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If a person who is required to furnish a statement of financial transaction or reportable account under section 285BA fails to furnish such statement within the time prescribed, the prescribed income-tax authority may direct that such person shall pay, by way of penalty
Section 44AA(1) prescribes compulsory maintenance of such books of accounts and other documents which will enable the AO to compute the total income in accordance with the provisions of the Income Tax Act.
The new sections 206AB and 206CCA are inserted via Finance Act, 2021 which provides for a higher rate of TDS/TCS to be applied if the transactions are done with the non-filers of the Income Tax Return.
Deduction of tax at source on payment of certain sum for purchase of goods
If a resident senior citizen is earning exempt income, like, interest on PPF, agriculture income, the share of profit from the partnership firm, etc. he should not be treated as ineligible for this provision.
If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, the Assessing Officer may direct that such person shall pay, by way of penalty
In case of a person adopting the provisions of section 44ADA, income will be computed on a presumptive basis, i.e. @ 50% of the total gross receipts of the profession.
A firm having zero income is not liable for tax audit under section 44AB. It does not make any difference that the loss is after deducting the salary and interest to partners.
There are certain cases in which the assessee fails to opt for the provisions of presumptive taxation because they are not eligible, due to an increase in turnover or receipt of any commission.
The benefit of section 44AE is available to all categories of taxpayers who are engaged in the business of plying, hiring or leasing of goods carriages and who do not own more than 10 goods vehicles.
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