Income Tax Articles

Provisions of Section 44AD - Part 2

CA.R.S.KALRA 09 December 2020 at 14:28

Section 44AD of the Act has a superior position vis-à-vis the other provisions of the Income Tax Act because of a non-obstante clause. In this article, we have discussed, all the provisions of Section 44AD of the Income Tax Act.

Provisions of Section 44AD - Part 1

CA.R.S.KALRA 08 December 2020 at 17:55

As per the proviso to 44AD(1), income can be declared as 6% of the turnover if the payment is received digitally or through the banking channel before the due date of return filing u/s 139(1).

Startups and Angel Tax in India

MEHUL SHAH 08 December 2020 at 09:53

As start-ups turn out to be a major source of revenue and employment, governments from across the world have been going out of their way to facilitate the entrepreneurial dream of Startup Founders.

GST returns will reflect in your Income Tax Passbook (Form 26AS)

Ishita Ramani 08 December 2020 at 09:51

The new Form 26AS will have all the information on taxes paid by you, details of pending & completed income tax proceedings, status of income tax refund and demand along with details of specified financial transactions like purchase of shares or property.

What happens after you have filed an ITR?

Shweta 07 December 2020 at 16:04

An Income Tax Return is a prescribed form in which an assessee declares the income earned and tax paid on such income during a given financial year.

Key Takeaways from New FAQs issued by CBDT on Vivad se Vishwas Scheme, 2020

Mayank Mohanka 07 December 2020 at 09:58

In this article, we discuss some of the key takeaways from the new FAQs issued by the Central Board of Direct Tax on 4th December 2020 on Vivad se Vishwas Scheme, 2020.

Provisions of Sec 44AB under Tax Audit

CA.R.S.KALRA 05 December 2020 at 18:33

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.

Weekly Finance and Tax News Bulletin by CAclubindia - 29th November to 5th December 2020

CCI Team 05 December 2020 at 16:04

In this article, we will discuss the major updates from the Finance and Tax Industry between 29th November 2020 and 5th December 2020.

When does the Liability to pay advance tax under Income Tax Act arise?

CA Mehul Thakker 05 December 2020 at 14:40

Understanding the provisions 207, 208, and 209 under the Income Tax Act, 1961 together with analyzing a practical scenario in implementing these provisions.

Provisions of Sec 44AA under Presumptive Taxation

CA.R.S.KALRA 05 December 2020 at 10:07

In this article, we will discuss the provisions of Section 44AA of the Income Tax Act which talks about Presumptive Taxation and its practicality in the finance sector.