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.
This article will focus on a very vital topic in the International taxation field. There are different views regarding permanent establishment based on the OECD model and the UN model.
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.
In this article, CA Mehul Thakker explains the concept of International Taxation with regard to the Taxation of Non-residents Shipping Business in Section 44B of the Income Tax Act.
In this article, we will understand the amendment in Section 194J w.e.f 1st April 2020 - Interpretation of "Fees for Technical Services" (FTS) and "Fees for Professional Services" (FPS)
In this article, we discuss all the Important Judicial Pronouncements on Presumptive Taxation under the Income Tax Act 1961.
Residential status is a vitally critical component under Income tax. It varies for various classes of assessees. The concept of residential status lies under Income tax and FEMA.
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.
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.
Currently, businesses having turnover of more than one crore rupees are required to get their books of accounts audited by an accountant. In order to reduce the..
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