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Interplay of Section 43CA vs. Section 44AD - Part II
Section 44AD and 43CA of the Act are deeming sections. A legal fiction is created only for a definite purpose and is limited to that purpose and should not be extended beyond it.
Presumptive Taxation Does Not Create a Privileged Class of Taxpayers
It is the minimum rate u/s 44AD that has to be considered and higher income option is open for the taxpayers which has to be used if taxpayers have higher income.
Invocation of Section 68 if Assessee Is Opting For Presumptive Taxation
Since section 44AD does not obligate the assessee to maintain books, provisions of section 68 cannot be invoked where the assessee has filed an ITR under section 44AD without maintaining books of accounts.
Invocation of Section 69C If Assessee Is Opting For Presumptive Taxation
Provisions of section 69C are very clear that wherever the assessee fails to explain the source of certain expenditure incurred during the year, the same may be deemed to be the income of the assessee.
Tax Audit in case of a Person Carrying on both Business and Profession
A person who is a specified professional cannot opt for Section 44AD of the Income Tax Act, but there is no bar for such persons to opt for Section 44ADA on their professional income.
Interplay of Sec 44AA, 44AB and 44AD of the Income Tax Act, 1961
There are various monetary limits u/s Sec 44AA, 44AB and Sec 44AD relating to maintenance of books of accounts and audit. These provisions have created ambiguity among taxpayers and professionals.
Section 194N: TDS on Cash Withdrawal from Banks/Post Offices (Updated for FY 2021-22)
Section 194N is applicable in case of cash withdrawals of more than Rs 1 crore during the FY. This section will apply to all sums of money or an aggregate of sums withdrawn from a particular payer in the FY.
![Section 194J - TDS on Professional or Technical Fees [Updated for FY 2021-22]](/img/previewthumb/custom/20210324085850_checklist.jpg "Section 194J - TDS on Professional or Technical Fees [Updated for FY 2021-22]")
Section 194J - TDS on Professional or Technical Fees [Updated for FY 2021-22]
The tax has to be deducted in case the payment is greater than ₹ 30,000 during the year. Such ₹30,000 is the maximum limit that is applicable to each item or payment independently.
![Section 194C - TDS on Payment to Contractor [Updated for FY 2021-22]](/img/previewthumb/custom/20210222052148_gstannual.jpg "Section 194C - TDS on Payment to Contractor [Updated for FY 2021-22]")
Section 194C - TDS on Payment to Contractor [Updated for FY 2021-22]
Any specified person responsible for paying any sum to any resident-contractor for carrying out any work in pursuance of a contract is responsible to deduct TDS u/s 194C.
TCS Rate Chart for FY 2021-22
Tax Collected at Source is the tax payable by a seller which he collects from the buyer at the time of sale. In this article, we will discuss the TCS Rates applicable for FY 2021-22.
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