Articles by CA.R.S.KALRA

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).

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.

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.

Introduction to Presumptive Taxation

CA.R.S.KALRA 04 December 2020 at 15:38

Section 44AD of the Income Tax Act 1961 provides for computing business income on a presumptive basis, which was introduced by virtue of The Finance Act 1994

Section 115BBE- Bleak line between Righteousness and Injustice

CA.R.S.KALRA 02 December 2020 at 17:11

The provisions of sec 115 BBE of the Act are draconian at first glance and can give nightmares to the assessee. This section erodes the faith of the taxpayer in the IT Law since it is being applied retrospectively from April 2016.

Taxability of Gifts - Some Interesting Issues

CA.R.S.KALRA 28 November 2020 at 11:18

The Gift Tax was reintroduced in a new form to fill up the vacuum created by the abolition of the Gift tax Act, 1958, and the provisions were included in the Income-Tax law w.e.f. 01.04.2005.

Cashless Transactions - Evolution, Advantages, Impact and Measures by the Government

CA.R.S.KALRA 26 November 2020 at 12:13

Cash to the economy is like what blood is to the human body. The government can introduce various ways to restrict its usage, but it cannot pull it out of the system.