Articles by CA.R.S.KALRA
View Full Profile
Maintenance of Books of Accounts
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 194Q - Tax Deduction on the Purchase of Goods
Deduction of tax at source on payment of certain sum for purchase of goods
Interesting Issues in the Presumptive Taxation Scheme - Part VII
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.
Comparative study of Section 44AD, ADA and 44AE
Section 44AD is applicable to any business except those eligible for Section 44AE. Section 44ADA is applicable to all professions referred in Section 44AA. Section 44AE is applicable to businesses engaged in plying, hiring or leasing goods carriages.
Section 44AD (4): Consequences of Opting Out of Section 44AD(1) - Part V
If a person has opted for a presumptive scheme of taxation u/s 44AD in any one year then they have to remain in the umbrella of section 44AD for the next 5 years.
Presumptive Taxation Scheme under Sec 44AE
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.
Exceptions to the provisions of Sec 44AD(4) & Sec 44AD(5) - Part VI
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.
Computation of Income under Section 44AD - Part IV
Section 44AD provides that if a taxpayer is engaged in an eligible business and having a turnover of Rs. 2 crores or less, its profits are deemed to be 8% of the total turnover or gross receipts.
Can assessee opt for Sec 44AD and Sec 44AE together? - Part III
In Section 44AD, the assessee has to declare a minimum of 8% of the Gross Turnover or Gross Receipts as their deemed income. However, Section 44AD(1) gives an option to claim more than 8%.
Presumptive Taxation Scheme Section 44AD - Part I
Presumptive taxation for businesses is covered under section 44AD of the income tax act. Any business which has a turnover of less than Rs 2 crore can opt to be taxed presumptively.
Popular Articles
- Post Office Savings Account Interest Rate 2026: Is It Better Than a Bank Savings Account?
- TDS Return Due Date For FY 2026-27: Updated As Per IT Act 2025
- TCS Return Due Date: New Deadline For Tax Year 2026-27
- Sukanya Samriddhi Yojana 2026 with Interest Rate for Q2: Best Savings Scheme for Girls
- Capital Gains Exemption Under Sections 54 & 54F: Is Purchase in Spouse's Name Allowed?
- Form 130 Replaces Form 16: New Salary TDS Certificate For FY 2026-27
- Latest Changes in ITR-1, ITR-2 & ITR-4 for AY 2026-27: A Detailed Analysis
- TDS Certificates for Non-Salary Income Gets a New Identity For FY 2026-27
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
