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CA M. Lakshmanan

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Whether Automation has helped either Income Tax Assessees or Department

Income Tax : Explore the effects of automation on taxpayers and the Income Tax Department. Discover the challenges, benefits, and areas for imp...

March 14, 2024 4077 Views 2 comments Print

Whether functioning of NFAC serves the purpose for which it was brought in?

Income Tax : Explore whether the functioning of NFAC serves its intended purpose. Find out how the assessment orders and litigation are affecte...

June 29, 2022 2118 Views 1 comment Print

Section 234A Interest for extended period if Self-Assessment Tax exceeds ₹ 1 Lakh

Income Tax : PRACTICAL DIFFICULTIES IN CASE OF ASSESSEES LIABLE TO PAY SELF ASSESSMENT TAX OF Rs. 1 LAKH OR MORE FOR THE YEAR ENDED 31.03.2020....

June 27, 2020 15174 Views 2 comments Print

Income Tax Scrutiny after digitization

Income Tax : The case is selected for scrutiny by CASS (Computer Aided Scrutiny Selection) for the Assessment Year 2017-18 and the officer send...

February 26, 2020 30559 Views 8 comments Print

Practical issues in Presumptive Taxation – 44AD, 44ADA & 44AE

Income Tax : Under section 44AD from if the Turnover of an assessee being resident individual, HUF, Partnership Firm (not being a LLP) and who ...

February 20, 2020 65025 Views 30 comments Print


Latest News


Belated Release of ITRs and burden of Interest U/s. 234 B

Income Tax : At the end of May the Income Tax Return forms are released for the Assessment Year 2015-16 and same been held back by finance mini...

June 4, 2015 2751 Views 0 comment Print

Interim Budget – Waiver of Interest on Education Loan

Finance : It is a welcome proposal that the government will pay the interest outstanding as on 31.12.2103 for the education loans taken up t...

February 18, 2014 16446 Views 109 comments Print


Latest Posts in CA M. Lakshmanan

Whether Automation has helped either Income Tax Assessees or Department

March 14, 2024 4077 Views 2 comments Print

Explore the effects of automation on taxpayers and the Income Tax Department. Discover the challenges, benefits, and areas for improvement in this detailed analysis.

Whether functioning of NFAC serves the purpose for which it was brought in?

June 29, 2022 2118 Views 1 comment Print

Explore whether the functioning of NFAC serves its intended purpose. Find out how the assessment orders and litigation are affected.

Section 234A Interest for extended period if Self-Assessment Tax exceeds ₹ 1 Lakh

June 27, 2020 15174 Views 2 comments Print

PRACTICAL DIFFICULTIES IN CASE OF ASSESSEES LIABLE TO PAY SELF ASSESSMENT TAX OF Rs. 1 LAKH OR MORE FOR THE YEAR ENDED 31.03.2020. As per he CBDT’s Press Release dated 24.06.2020 if the Self Assessment Tax payable is more than Rs. 1 Lakh the whole of the tax is to be paid by the specified […]

Income Tax Scrutiny after digitization

February 26, 2020 30559 Views 8 comments Print

The case is selected for scrutiny by CASS (Computer Aided Scrutiny Selection) for the Assessment Year 2017-18 and the officer sends notice of hearing to the Assessee to attend the office on a particular day with supporting documents such as Books of Account, vouchers, Bank Pass Books etc.

Practical issues in Presumptive Taxation – 44AD, 44ADA & 44AE

February 20, 2020 65025 Views 30 comments Print

Under section 44AD from if the Turnover of an assessee being resident individual, HUF, Partnership Firm (not being a LLP) and who is not claiming deduction under section 10A, 10AA, 10B &10BA or deduction under Chapter VI A under the heading ‘C -Deductions in respect of certain Incomes and derives income from any business except

Taxation of Deposits Made With Banks in SBNs

January 8, 2020 7044 Views 2 comments Print

The Income Tax Returns for the Assessment Year 2017-18 were selected for scrutiny via e-proceedings for those Assessees, who have deposited more than Rs. 2 Lakhs in cash in Banks after 8th November 2016, being the date on which Demonetization was announced by our honourable Prime Minister of India. Cash Books, Sales Invoices, Copies of […]

Confusion in Claiming Deduction under Section 80TTB

January 29, 2019 13632 Views 8 comments Print

Section 80TTB introduced from Financial Year 2018-19 allows a deduction up to Rs. 50,000 in respect of interest income from deposits held by senior citizens from his gross total income if it includes any income by way of interest on deposits (not being time deposits) in a savings account, a deduction amounting to:

PPT on Presumptive Taxation under Income Tax Act

October 19, 2018 10521 Views 0 comment Print

PRESUMPTIVE TAX INTRODUCTION Sections 44AD, 44ADA & 44AE Introduced to help small business men, Traders and Professionals i. Section 44AD – Small Business/Traders for Turnover up to Rs. 2 Crores ii. Section 44ADA – Professionals – Gross receipts up to Rs. 50 Lakhs iii. Section 44AE – Truck owners owning not more than 10 trucks […]

Fine Tuning required for Presumptive Taxation- 44AD, 44ADA & 44AE

August 12, 2018 5388 Views 2 comments Print

Once a taxpayer opts for this Scheme and files the returns of income for a  year and in the subsequent year if he declares lower income than the prescribed percentage then he shall not be eligible to claim the benefit of this section for the next five years and in addition if his total income […]

Problems in Credit For TDS & Form No. 26AS

July 30, 2018 122789 Views 105 comments Print

The Annual Tax Statement under section 203AA in From No. 26AS contains ‘Details of Tax Deducted At Source’ in Part A, ‘Details of Tax Collected At Source’ in Part B and ‘Details of Tax Paid (Other than TDS and TCS)’ in Part C basing on the data available with the department through OLTAS (On Line Tax Accounting System).