In respect of income chargeable under Section 4(1), Income Tax shall be deducted at the source or paid in advance, where it is so deductible or payable under any provision of this Act.
In case of a person adopting the provisions of section 44ADA, income will be computed on a presumptive basis, i.e. @ 50% of the total gross receipts of the profession.
The Appellate Tribunal held that the grant received was not taxable as revenue receipt since the said grant was given to recoup the losses incurred by the assessee and was hence, in the nature of capital contribution.
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.
Tax calculated under self assessment is required to be deposited by the assessee before submitting an ITR. The tax so paid shall be adjusted towards the tax liability as ascertained on regular assessment.
Filing of tax return within the due date is mandatory to claim specified losses for an individual taxpayer, such as losses from capital gains, business, or profession, etc.
In business, many tax laws are applicable. Every law prescribes provisions for maintaining books of accounts and relevant records. So, one should discard old books as per provisions of law.
Income is the money received by a person periodically on a daily, weekly, monthly, or yearly basis. Income includes monetary as well as non-monetary values of allowances and perquisites.
PAN is a single number that is an electronic system and has all the tax related information of a taxpayer. TAN is a 10 digit alpha numeric number allotted to persons who are responsible for TCS and TDS.
Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well.
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