"Rohit Saluja is a Bachelor in Commerce from Delhi University and a fellow member of Institute of Chartered Accountants of India, New Delhi. He is the founder partner of the chartered accountant firm “RSSB & Associates” since 2012. Rohit Saluja carries extensive professional experience in various fields of financial advisory including tax and regulatory advisory, transactions advisory, valuations, accountancy, corporate law, audit and assurance. He possesses a profound direct tax experience for more than 10 years. He is the author of the various books: 1. Tax Audit - Law & Practice 2. Simplified Guide to Income Tax_B.Com(P) 3. A Systematic Guide to Income Tax Law & Practice_B.Com(H) 4. A Handbook on Cost Accounting_B.Com(P) 5. Accounting Concepts_XI"
PRESUMPTIVE TAXATION SCHEMES SECTION 44AD: SPECIAL PROVISIONS FOR COMPUTATION OF INCOME ON ESTIMATION BASIS Notwithstanding anything to contrary contained in sections 28 to 43C, -in case of a resident assessee being an individual, HUF, or a partnership firm excluding LLP; -engaged in a -a sum equal to 8% (6%*) of the total turnover or gross […]
SALES, TURNOVER & GROSS RECEIPTS TURNOVER: The initial test is to see if the total sales, turnover or gross receipts in business or profession during the previous year, as the case may be exceed the prescribed limit under section 44AB. However, the term “sales”, “turnover” or “gross receipts” are not defined in the Act, and […]
BUSINESS VS PROFESSION Section 44AB of the Income Tax Act, 1961 defines separate limit for business and profession, so it is essential to understand what is business and what is profession. Business Profession The term “business” is defined in section 2(13) of the Act, as under: “Business” includes any trade, commerce, or manufacture or any […]
INTRODUCTION Section 44AB was introduced in the Income-tax Act, 1961, by the Finance Act, 1984. This section provides for audit of accounts of assesses having total sales, turnover or gross receipts exceeding the specified limits of Rs. 40 lakhs for business and Rs. 10 lakhs for profession. New Rule 6G, inserted in the Income-tax Rules, […]
Changes in Tax Rates for Domestic Companies: Company whose total turnover or gross receipts in the PY 2016-17 does not exceed Rs. 250 crore rupees – 25% No change in Tax Rates for others. No change in Surcharge.
