Articles by CA.R.S.KALRA

Provisions of Section 44AD - Part 2

Posted by CA.R.S.KALRA 10 December 2020 3796 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 09 December 2020 13225 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).

Introduction to Presumptive Taxation

Posted by CA.R.S.KALRA 05 December 2020 6542 Views

Section 44AD of the Income Tax Act 1961 provides for computing business income on a presumptive basis, which was introduced by virtue of The Finance Act 1994

Provisions of Sec 44AA under Presumptive Taxation

Posted by CA.R.S.KALRA 05 December 2020 3802 Views

In this article, we will discuss the provisions of Section 44AA of the Income Tax Act which talks about Presumptive Taxation and its practicality in the finance sector.

Section 115BBE- Bleak line between Righteousness and Injustice

Posted by CA.R.S.KALRA 03 December 2020 5739 Views

The provisions of sec 115 BBE of the Act are draconian at first glance and can give nightmares to the assessee. This section erodes the faith of the taxpayer in the IT Law since it is being applied retrospectively from April 2016.

Taxability of Gifts - Some Interesting Issues

Posted by CA.R.S.KALRA 28 November 2020 17414 Views

The Gift Tax was reintroduced in a new form to fill up the vacuum created by the abolition of the Gift tax Act, 1958, and the provisions were included in the Income-Tax law w.e.f. 01.04.2005.

Cashless Transactions - Evolution, Advantages, Impact and Measures by the Government

Posted by CA.R.S.KALRA 27 November 2020 5762 Views

Cash to the economy is like what blood is to the human body. The government can introduce various ways to restrict its usage, but it cannot pull it out of the system.