Income Tax Articles

TDS & Advance Tax

CA.R.S.KALRA 17 December 2020 at 10:06

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

CA.R.S.KALRA 16 December 2020 at 09:56

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.

Combined Study of Section 44AB with Section 44AD

CA.R.S.KALRA 15 December 2020 at 18:22

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..

Should the Government Consider Extending the due date for filing Tax Audit, Transfer Pricing Audit and Income Tax Returns?

Aishna Kukreja 14 December 2020 at 18:56

Keeping in view the effect of COVID-19, the FM had extended the due date for filing the Tax Audit, Transfer Pricing Audit and Income Tax Returns. However, is there a need to extend these due dates further?

Why Your In-Hand Salary May Reduce from 2021

Shweta 14 December 2020 at 10:48

The GoI has recently notified the draft rules under The Code on Wages 2019. The new rules which are expected to enter into force in April 2021, will potentially have consequences on your take-home salary and retirement corpus.

How to use the Java based software utility available for download in the Income Tax Portal where the taxpayer does not have MS Excel versions 2010 or later

Aishna Kukreja 12 December 2020 at 13:05

How to use the Java based software utility available for download in the Income Tax Portal where the taxpayer does not have MS Excel versions 2010 or later

Presumptive Taxation Scheme under Section 44AE

CA.R.S.KALRA 12 December 2020 at 10:06

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

CA.R.S.KALRA 11 December 2020 at 09:55

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.

Presumptive Taxation Scheme under Section 44ADA

CA.R.S.KALRA 10 December 2020 at 11:17

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.

Application of seized assets during the course of an Income Tax search towards the self assessment tax liability of an assessee - Whether permissible

CA.Mohit Gupta 10 December 2020 at 11:16

The application of assets seized during the course of search and seizure action is governed by the provisions of Section 132B of the Income Tax Act'1961. Let us understand the application of the same.