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Reporting High Value Cash Transactions

  CA.R.S.KALRA    06 June 2022 at 08:32

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

Maintenance of Books of Accounts

  CA.R.S.KALRA    10 November 2021 at 10:07

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.

Section 206AB and 206CCA - Special Provision for Deduction/Collection of TDS/TCS for non-filers of ITR

  CA.R.S.KALRA    09 November 2021 at 16:10

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.

Section 194Q - Tax Deduction on the Purchase of Goods

  CA.R.S.KALRA    08 November 2021 at 15:42

Deduction of tax at source on payment of certain sum for purchase of goods

Section 194P - Tax Deduction in case of a Specified Senior Citizen

  CA.R.S.KALRA    07 November 2021 at 10:07

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.

Penalty for failure to get accounts Audited Section 271B

  CA.R.S.KALRA    07 November 2021 at 10:07

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

Presumptive Taxation For Professionals under Section 44ADA

  CA.R.S.KALRA    30 October 2021 at 10:03

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.

Interesting Issues in the Presumptive Taxation Scheme - Part VII

  CA.R.S.KALRA    29 October 2021 at 10:04

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.

Exceptions to the provisions of Sec 44AD(4) & Sec 44AD(5) - Part VI

  CA.R.S.KALRA    25 October 2021 at 09:46

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.

Presumptive Taxation Scheme under Sec 44AE

  CA.R.S.KALRA    22 October 2021 at 09:44

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.