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TDS u/s 192 - Payment of Salary
All persons paying salary are responsible to deduct TDS on income chargeable under the head "Salary". In this article, we discuss all about TDS u/s 192 - Payment on Salary.
Presumptive Taxation in case of Partnership Firms and Applicability of Section 69C
In this article, we discuss the provisions of Presumptive Taxation in case of Partnership Firms and Applicability of Section 69C in the case where the assessee has adopted the presumptive tax system.
Introduction to TDS
TDS works on the concept that every person making a specified type of payment to any person shall deduct tax at the rates prescribed in the IT Act at source and deposit the same into the government's account.
Important Judicial Pronouncements on Presumptive Taxation
In this article, we discuss all the Important Judicial Pronouncements on Presumptive Taxation under the Income Tax Act 1961.
TDS & Advance Tax
The persons having a turnover of more than Rs. 1 crore but less than Rs. 2 crores and declaring income u/s 44AD would be required to deduct TDS. Furthermore, the eligible assessee is now required to pay advance tax by 15th March of the financial year.
Penalty for failure to get accounts Audited - Section 271B
If the assessee fails to get his accounts audited or furnish a report of such audit u/s 44AB, a flat penalty u/s 271B shall be attracted. No penalty shall be imposed u/s 271B if the assessee proves that there was reasonable cause for such failure.
Presumptive Taxation Scheme under Section 44AE
In this article, we will discuss the provisions and important points of Section 44AE of the Income Tax Act, which deals with the Presumptive Taxation Scheme.
Applicability of provisions of Sections 44AA, 44AB and 44AD when turnover is up to Rs. 1 crore
The assessee filing presumptive or higher income return will enjoy the relaxation of not getting its accounts audited u/s 44AB even if total sales/turnover/gross receipts exceed Rs. 1 Crore.
Provisions of Sec 44AB under Tax Audit
Sec 44AB states the provisions related to tax audit of certain entities. Applicability of tax audit u/s 44AB depends on gross receipts, sales, and turnover of an assessee.
Presumptive Taxation Scheme under Section 44ADA
The Scheme of Presumptive Taxation for Professionals was introduced under Section 44ADA in the Finance Act 2016 and is applicable from Financial Year 2016-17 onwards.
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