Articles by CA.R.S.KALRA

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

Posted in Income Tax | 6525 Views

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.

Posted in Accounts | 7716 Views

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.

Posted in Income Tax | 1 comments | 4509 Views

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

Posted in Income Tax | 4 comments | 30732 Views

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.

Posted in Income Tax | 1353 Views

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

Posted in Income Tax | 1647 Views

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.

Posted in Income Tax | 4695 Views

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.

Posted in Income Tax | 4683 Views

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.

Posted in Income Tax | 9525 Views

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.

Posted in Income Tax | 5103 Views