tax query

Dear Osheen,

Yes the turnover limit for presumptive taxation has also been raised to Rs. 60 lacs as a consequential amendment....

thankyou amir..

dear  osheen amir bhai is right

but  remember this is applicable from financial year 2010-2011.

thanks

. Tax Audit

In order to reduce compliance burden of small businesses and

professionals, it is proposed to increase the threshold limit of

turnover from forty lakh rupees to sixty lakh rupees in the case of

persons carrying on business and from ten lakh rupees to fifteen

lakh rupees in the case of persons carrying on profession.

Consequently, for the purpose of presumptive taxation under

section 44AD, the threshold limit would be increased to 60 lakh.

ya so its applicable for our exams..

Yes This Limit is increased But now 44Af not applicable its provision also aplicable in 44AD

Daxa,

Testing charges would fall under the purview of fees for technical services liable for TDS u/s. 115 A(1)(b)(BB) and would attract TDS @ 10.30% in case amount is below 1 crore; else 10.5575%

yes

SOME MORE PROVISIONS:

For Small Business (Presumptive Income Scheme)

1. There are provisions of Section 44AD, 44AE and 44AF for determination of Profits, applicable for construction business, income from goods carriages and business of retail trade, respectively.
2. Under Section 44AD, the assessee can determine the profits at 8% on total turnover.
3. Now the section 44AD is extended to all businesses, where the Total turnover is less than 40 Lakhs.
4. This is applicable for any individual, HUF or a Partnership Firm (not for LLP and Companies)
5. Section 44AF is withdrawn as they are now covered under 44AD.
6. Applicable for AY 2011-12 (FY 2010-11)

Acccording to me its not applicable to  May  2010 exam.....as its applicable from AY 2011-12.

Pls Correct me if iam Wrong.

Originally posted by : Daxa manek
	i have to make foreign remittance- payment for testing charges. is WHT ( withholding tax ) deductible ? if yes, what is the rate ?

This would be attracted to TDS under the provsions of section 195 and the rate of tax depends on the country you are remitting too, whether India has DTAA or not...

Secondly, you need to obtain a certificate from CA before you can process the payment through an authorized representative